Govt put privatisation plans of Container Corporation of India on hold

The government has put the privatisation of Container Corporation of India Ltd (Concor) on hold, an official stated on Monday.

In November 2019, the Union Cabinet approved the strategic sale of a 30.8 per cent stake in Concor, along with management control. Concor is a Navratna PSU under the Ministry of Railways. Currently, the government holds a 54.80 per cent stake in the company.

"The government is unlikely to push for Concor's strategic sale due to concerns from the Ministry of Railways and potential investors," the official said.

The official also mentioned that with the government's current holding at 54.80 per cent, there is limited scope for an offer for sale (OFS) in Concor.

The Container Corporation of India, also known as Concor, is a public sector undertaking which operates in the transportation and handling of containers business. Apart from providing inland transport by rail for containers, Concor also covers the management of air cargo complexes, ports, and establishing cold-chain.

Despite the Cabinet's approval for the sale in 2019, there has been no significant progress. An Expression of Interest (EOI) has not yet been invited for the strategic sale.

On the BSE, Concor shares closed at Rs 1,043.25 apiece, up 0.35 per cent from the previous close.

(From PTI inputs)