Govt puts privatisation of Container Corporation of India on backburner

Although Cabinet approval for the Concor sale was accorded in 2019, no worthwhile progress has so far been made, and even an Expression of Interest (EOI) has not been invited for the strategic sale

The government has put the privatisation of Container Corporation of India Ltd (Concor) on the backburner, an official said.

In November 2019, the Union Cabinet approved the strategic sale of a 30.8 per cent stake, along with management control, in Concor -- a Navratna PSU under the Railways Ministry.

The government currently holds 54.80 per cent of Concor.

"The government is unlikely to push Concor's strategic sale. There are some concerns from Railways Ministry as also investors," the official said.

The official further said that with the government holding in the company at 54.80 per cent, there is little scope for coming out with an offer for sale (OFS) in Concor.

Although the Cabinet approval for the Concor sale was accorded in 2019, no worthwhile progress has so far been made, and even an Expression of Interest (EOI) has not been invited for the strategic sale.

Shares of Concor closed at Rs 1,043.25 apiece, up 0.35 per cent over the previous close on the BSE.