India puts off bids for SCI

India puts off bids for SCI

The Indian government has deferred 'indefinitely' the financial bidding for Shipping Corp. of India in the wake of a spate of petitions challenging the divestment process in various courts.

The government also halted plans to sell off Hindustan Copper Ltd., according to local reports.

Bids for both SCI and HCL were to close this week but the government has been forced to defer the receipt of bids on fears that the decisions to come from the country's Supreme Court on public sector oil companies Hindustan Petroleum Corp. and Bharat Petroleum Corp. could have a bearing on the sale of SCI.