Concor drill to take off next month

The government plans to come out with expressions of interest (EoI) next month for a strategic sale in Container Corporation of India (Concor).

“We had completed the roadshows and investor meetings before the lockdown and are hopeful that the economic situation would be much better in July and we are planning to come up with the Concor strategic sale next month,” a senior finance ministry official said.

They said the EoI could be towards the end of next month and they expect an increased interest in the freight business in the new scenario.

The government plans to offload 30.80 per cent of its 54.80 per cent stake in Concor. The government will retain a 24 per cent stake post sell-off but without any veto powers.

The department of investment and public asset management (Dipam) had held roadshows in Canada and Singapore during which investors had raised queries on land usage post its strategic disinvestment.

Concor is looking to reduce its dependence on terminals built on land owned by the Indian Railways for handling cargo containers. Concor’s terminals built on railways’ land have become issues in its privatisation, said sources.