As per the FYe22 balance sheet/annual report of SCI, the value of non-core assets held for demerger stood at Rs 2,392 crore (about 27% of net worth as of March22 net worth). The main asset is the maritime training institute in Powai, Mumbai with land area of ~179K sqm which is currently valued at ~2376 Cr and this seems about right. However Shipping House building at Nariman point is valued at only ~9 lakhs which is ridiculous. Moreover, there is surplus cash of ~450 Cr. S P Tulsian has given an estimate 11000 crores for the current market value of the noncore assets of SCI which works out to about Rs. 230/- per share. To my mind, the main risk/concern is that the path to the monetisation of the core assets such as the land of Maritime Training Institute is unclear.
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