Some 400 serving and 200 former employees with the support of three Indian investors are considering a bid for The Shipping Corporation of India Limited (BSE:523598), which has been lined up for privatisation by the government. "It was decided on January 4, 2021 that employees will participate in the expression of interest issued by the government," a person briefed on the matter said, asking not to be named. "A working group formed for the purpose is preparing a roadmap on a potential bid; the structure of the bidding special purpose vehicle/consortia is being worked out," a second person with knowledge of the discussions, said. He too declined to be named. "All the three investors with whom the employees are in discussions are Indians and one of them is based in India," he added, without disclosing the names. On December 22, 2020 the Department of Investment and Public Asset Management (DIPAM) invited expression of interest to privatise Shipping Corporation by selling the government's 63.75 % stake to a strategic buyer. Potential bidders have time until February 13, 2021 to file their interest. "Qualifying for the bid is not a problem but in the request for proposal (RFP) stage, lot of loose ends will have to be tied up… what will be the management structure, investor representation etc," said a former official aware of the talks on filing an EoI. "There should be someone responsible and senior who knows the nuances. Normally, you need a consultant or an advisor to help you out with structuring a bid. These are legal and financial matters. I am not saying that it is not doable or don't do it, I am just watching," he stated.