Shipping Corporation divestment: London-based Foresight Group-led consortium submits EoI

London-based Foresight Group International is among multiple bidders who have submitted expression of interest (EoI) for Shipping Corporation of India (SCI).

The government is selling its entire stake of 63.75 per cent in Shipping Corporation of India, along with the transfer of management control.

Apart from the Foresight Group’s flagship company Foresight Offshore Drilling Limited S.A., the consortium includes Belgium listed shipping company, Exmar NV and Dubai-based shipping company GMS DMCC.

Founded By Ravi K Mehrotra, an Indian citizen, who continues to oversee operations as Executive Chairman, the Foresight Group has a long standing operations in India across offshore and onshore drilling. The Group has three offshore jack-up rigs operating for ONGC and one land rig operating for Oil India.

It also operates two jack-up rigs for Abu Dhabi National Oil Company in UAE and oil tankers for Exxon Mobil.

“The three international entrepreneurial shipping companies have come together with a unified belief in the India’s long-term development and growth and we intend to develop the SCI into a global formidable shipping company,” said said Mehrotra.

Foresight Group has owned and operated various categories of ships around the world including refers, tankers, bulk carriers and container ships.

In 2020, the Group also received the LoI for development of Bhavnagar Port to build the world’s first CNG terminal and chemical terminals in joint venture with Mumbai-based Padmanabh Mafatlal Group.