An official has announced that the government has decided to postpone the privatisation of Container Corporation of India Ltd (Concor).
Background
In November 2019, the Union Cabinet approved a strategic sale involving 30.8 percent of Concor’s stake, including management control. Concor, a Navratna Public Sector Undertaking (PSU), falls under the Ministry of Railways.
Government’s Current Stake
The government currently holds a 54.80 percent stake in Concor. The official indicated that the government is unlikely to advance with the strategic sale due to concerns raised by both the Railways Ministry and potential investors.
Lack of Progress
Despite the Cabinet’s approval in 2019, there has been no significant progress toward the sale. Notably, an Expression of Interest (EOI) for the strategic sale has not yet been issued.
Stock Market Update
Shares of Concor closed at Rs 1,043.25 each, reflecting a 0.35 percent increase over the previous day’s closing price on the Bombay Stock Exchange (BSE).
