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The government will decide on the divestment of Container Corporation of India (CONCOR) on the basis of the evaluation of the investors’ interest and market conditions, Railway Minister Ashwini Vaishnaw said in Parliament on Wednesday.

The minister was replying to a question on the timeline for Concor's divestment, reasons for delay and whether divestment would be completed in the current financial year.

The Railways Minister stated that the government has recently conducted meetings with potential investors and that the divestment process is an independent activity.

On the question, if the divestment would be completed in FY23, the minister said that the quantum of receipts and timing are contingent upon the successful completion of the process under the prevailing market conditions.

The Railway Minister was replying to a starred question by Member of Parliament Karti Chidambaram on the first day of the winter session of Parliament.

The government in November 2019 had cleared a proposal for the strategic sale of 30.8 percent of its stake, along with management control, in Concor. The government, which has 54.80 percent stake, will retain 24 percent without any veto powers post-divestment.

However, for divestment of Concor, which has set up terminals to house containers on land leased from Indian Railways, licensing fee had been a source of concern for bidders.

The stake sale in Concor would be crucial for the government to meet its disinvestment target of Rs 65,000 crore for the current financial year. CONCOR in October had informed bourses that roadshows were held from October 19-21 to attract bidders.

The company had posted a net profit of Rs 1,062 crore in financial year 2022. Its revenue rose 18 percent to Rs 7,858 crore.

Shares of Container Corporation ended 0.85 percent higher at Rs 771.10