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Saverys family decides to quit pursuit of Shipping Corp of India

One of the frontrunner bids to take over state-run Shipping Corporation of India is in tatters as the Saverys family has decided to cease its joint pursuit of the 71-year-old Asian line.

Exmar, the Saverys’ gas shipping venture, had lodged a joint bid with Ravi Mehrotra’s Foresight Group and Anil Sharma-led GMS to take a majority 63.75% stake in SCI and privatise the company.

“We have, due to other priorities, decided to leave this for the time being,” Jens Ismar, Exmar’s executive director, told the Economic Times of India newspaper today.

The bid was one of three shortlisted earlier this year by New Delhi with US-based Safesea and Hyderabad-based Megha Engineering and Infrastructure the other firms in the running to take over the 59-ship strong SCI.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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