SCI’s shortlisted bidders given access to virtual data room

The Government of India (GoI) has opened virtual data room (VDR) access to shortlisted bidders vying to buy Shipping Corporation of India, according to sources.

VDR access will allow the bidders to obtain detailed financial information

VDR access will allow the bidders to obtain detailed financial information about the company as well as scrutinise financial liabilities, contracts and other material relevant for making a financial bid, these people said.

Additionally, GoI has also set a bid bond amount of Rs 20 crore that bidders will have to submit with their financial bids due in September, according to the sources.

Short listed bidders

Three bidders — US-based Safesea, a consortium led by NRI businessman Ravi Mehrotra and Hyderabad-based Megha Engineering — have been shortlisted to bid for the shipping company.

A consortium of private equity fund Bain Capital and shipping company JM Baxi have withdrawn from the bidding process.