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High tax rate makes SCI unattractive to bidders.
(From The Economic Times)
Byline: swarup chatterjee
: The divestment of Shipping Corporation of India (SCI) has hit a roadblock, with prospective bidders, both inside and outside the country, showing little interest in the 51% stake put on the block by Centre.
While disinvestment minister Arun Shourie has recently announced that SCI's disinvestment should be over by September end, industry sources are sceptical about it. According to them, Indian companies have lost interest in SCI, and foreign companies will not be interested for the take-over unless the income tax burden on Indian shipping companies is lowered on par with the global rates.
"The government's decision to sell a majority 51% stake in the company was mainly aimed at attracting foreign shipping majors. Though the effective taxation rate was brought down to 7.5% in '02-03 - from the earlier 22% - it continues to be higher ...
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