AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.

High tax rate makes SCI unattractive to bidders.

Asia Africa Intelligence Wire

| June 03, 2003 | COPYRIGHT 2003 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(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 ...

Related articles from newspapers, magazines, journals, and more
'The worst is over for shipping' - Mr P. K. Srivastava, President, Indian...
News wire article from: Asia Africa Intelligence Wire December 30, 2002 700+ words
...better earnings in the current quarter. Mr P. K. Srivastava, President, Indian National Shipowners Association (INSA) and Chairman, Shipping Corporation of India (SCI), thinks the worst is over for shipping, and hopes the New Year will...
Indian national carrier bears the brunt of tsunami damage to ships.
News wire article from: Europe Intelligence Wire December 30, 2004 700+ words
...writes Shirish Nadkarni in Mumbai, as ports resume business INDIAN national carrier Shipping Corporation of India was the worst hit among...Port Blair were also damaged as they smashed into the jetty. SCI's own containership, the Lal Bahadur Shastri, which was...
Move to allow IOC to choose shipping line: Windfall in offing for SCI.
News wire article from: Asia Africa Intelligence Wire January 12, 2004 700+ words
...companies. In the new set-up, only SCI will benefit from the Government's purchase...sector Shipping Corporation of India (SCI), much to the chagrin of domestic private...submitted to the Shipping Ministry, the Indian National Shipowners Association (INSA) has sounded...
CCD decision on preference to SCI irks shipping sector.
News wire article from: Asia Africa Intelligence Wire April 18, 2003 700+ words
...lowest foreign bid. "Once SCI is privatised, how can the...Chairman and Managing Director of SCI, who is also President of Indian National Shipowners Association (INSA...has been quoted as saying that SCI will continue to enjoy the status...
SCI expecting more record breaking end of year results.
News wire article from: Europe Intelligence Wire May 17, 2005 700+ words
...Shipping community awaits Indian national company's results, due next...the year ended March 31; and SCI has nearly always taken 75 of...first nine months of 2004-05, SCI's income stood at Rs26.88bn...consequently be further strengthened. SCI hopes to leverage the strength...
SCI, Rickmers eye westbound link-up.
News wire article from: Europe Intelligence Wire March 17, 2006 700+ words
...services came from Rickmers. SCI is the only Indian shipping...In fact, the presence of the Indian national carrier in the liner trade has...Indian ports. With both the SCI-owned breakbulk vessels Vishvakarma...Britain breakbulk sector. SCI's cargoes have so far been...
Wage talks stuck over SCI overtime issue.
News wire article from: Asia Africa Intelligence Wire August 15, 2002 700+ words
...payment any longer" said an SCI official. But private shipping...industry's overall interest for SCI's sake. However, shipping...out the issue by persuading SCI to take up the issue with unions...of representatives from the Indian National Shipowners Association, National...
SCI floats tender for more VLCCs.
News wire article from: Europe Intelligence Wire October 13, 2004 700+ words
...approval of the government, the SCI board decided to go ahead with...the first two tankers, the Indian national carrier is faced with the unpleasant...vessel. Earlier this year, SCI had firmed up a deal with Korean...vessels are scheduled to join the SCI fleet in March and October 2005...
SCI must improve corporate governance for efficiency: Govt.
News wire article from: PTI - The Press Trust of India Ltd. May 3, 2007 700+ words
...noticed in corporate governance of SCI which are needed to be removed...efficiency and transparency. "SCI is taking corrective measures...pointed out. The progress of SCI in this direction was being...DG Shipping has directed the Indian National Shipowners Association to ask...
SCI mulls forays into shipbuilding.
News wire article from: Europe Intelligence Wire November 27, 2006 700+ words
...Shirish Nadkarni in Mumbai INDIAN national carrier Shipping Corp of India...shipbuilding and dredging sectors. SCI, which has recently been placing...at the nascent stage,' said SCI chairman and managing director...joining his colleagues for the SCI 45th annual day celebrations...
For more facts and information, see all results
©2009 Gale, a part of Cengage Learning. All rights reserved.
About us | FAQs | Contact us | Privacy policy | Terms and conditions
Other Gale sites: Encyclopedia.com | HighBeam Research | Acquire Content | Books & Authors | Goliath | MovieRetriever | Smart QandA