Mumbai, Mar 2 (IANS): Shares of Shipping Corporation of India Ltd surged over 15 per cent on Tuesday as its disinvestment process gathered momentum with the government receiving multiple Expressions of Interest (EoI) for the privatisation of the company.

Around 12 p.m., its shares on the BSE were trading at Rs 120.15, higher by Rs 16.45 or 15.86 per cent from its previous close.

Taking to Twitter, Tuhin Kanta Pandey, the Secretary for Department of Investment and Public Asset Management (DIPAM) on Monday said: "Multiple Expressions of Interest have been received for privatisation of Shipping Corporation of India Limited. The transaction will now move to the second stage."

The Union government proposes to sell its entire shareholding of 63.75 per cent in the listed entity to a buyer that will take over the company with full management control.

The government expects to complete the privatisation in the coming financial year. Presenting the Union Budget for FY22, Finance Minister Nirmala Sitharaman had said that all the announced disinvestment processes will be completed during the upcoming fiscal.