|
News
on Ports
Port
Workers plan a token nation-wide strike on January 22 The
port workers all over the country have planned to go on a one-day
token strike on January 22 in protest against the government’s
decision to go ahead with privatisation of operations in port.
The strike call given by various all-India port and dock workers’
unions is expected to bring work to a standstill at all major
ports in the country.
News
on Shippings
Promoter’s
equity up to 22.42 in Great Eastern Shipping According to
latest shareholding pattern filed with the Stock Exchanges, the
promoters’ equity in the Great Eastern Shipping Company has increased
by 3.28 per cent to 22.42 per cent. The increase in promoter’s
equity is believed to have come through “the creeping acquisition
route” under the first buy back scheme. As on December 31, 2001,
the share holding pattern of GE Shipping showed that promoters
hold 22.42 per cent stake, institutional investors 19.71, private
corporate bodies (PCBs) at 5.05 per cent, NRIs/Overseas Corporate
Bodies (OCBs) at 0.61 per cent, global depository receipts (GDRs)
represent 1.55 per cent, besides International Finance Corporation
(IFC) holding at 8.64 per cent and equity held by Indian public
at 42.02 per cent.
Ministry
of Shipping favours 40 per cent depreciation rate for vessels
The Union Ministry of Shipping has reportedly favoured fixing
of a higher rate of depreciation upto 40 per cent for the ocean-going
vessels in the forthcoming budget for 2002-2003. The raising of
the depreciation rate to 40 per cent has been a long-standing
demand of the Indian shipping industry. The Shipping ministry
will also be seeking greater tax concessions for the industry,
including introduction of tonnage tax for the shipping companies.
Presently, Rakesh Mohan panel is exploring the modalities of introducing
a tonnage-based taxation system, to replace the present corporate
tax/MAT regime. The panel report will be submitted to the Union
Finance Ministry in a week’s time for further action.
Government
hopes to raise Rs.800 crore through SCI sell-off The government
reportedly is planning to raise Rs. 800 crores through proposed
sale of its equity in the Shipping Corporation of India (SCI).
Following the announcement of the decision to disinvest, the SCI
has already floated tenders for the appointment of global consultants,
who will be entrusted the responsibility for valuation of the
company. As a part of the disinvestments process, the government
also plans to give 3 per cent of its equity to employees. The
announcement inviting the expression of interest (EOI) in buying
the 51 per cent stake has also been made and as per the schedule
fixed the process is likely to be completed by the third week
of February. After the decision to disinvest SCI equity, the government
is also believed to be considering similar disinvestments moves
in respect of other public sector undertakings in the maritime
sector, like Dredging Corporation of India (DCI), Cochin Shipyard
Limited and Hindustan Shipyard Limited.
Back
to top
News
on Logistics
Konsortium
Logistik plans to enter SCM sector in India The
Malaysia-based Konsortium Logistik Berhad Group of Companies,
which currently has equity stake of 26 per cent in Kakinada Seaports
Ltd., and another 40 per cent stake in New Delhi-based Associate
Container Terminals Ltd., is believed to be further scouting for
opportunities in the supply chain management (SCM) sector. The
company has identified large projects in the automotive, oil/gas
and retail distribution as likely areas of investment.
Back
to top
|
|