Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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Logistics
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Shipping SCI plans to join hands with Shapoorji Pallonji Our Bureau
Mumbai , June 12 The Government-owned Shipping Corporation of India proposes to float a joint venture with Shapoorji Pallonji Group to operate chemical and other product carriers. Though the parties were reluctant to divulge any details, sources familiar with the development said Forbes Gokak Ltd, the Shapoorji Pallongi group company, will partner SCI in the venture. Forbes Gokak Ltd, in which Shapoorji holds over 70 per cent stake, already has a shipping and freight forwarding division. The group's Singapore subsidiary operates a container vessel.
Joint venture
The SCI board meeting later this week is expected to approve the new joint venture. SCI currently operates 10 product carriers and most of them are on time charter with State-owned oil companies. SCI has decided to set up a separate joint venture as it will help faster acquisition of second hand vessels. In the case of SCI, investment decisions are delayed, as they require government approval. Besides, SCI seldom goes for second-hand acquisitions. The proposed company, according to sources, plans to acquire six tankers. Meanwhile, SCI board is scheduled to meet on June 15, 2006 to consider the annual results for 2005-06.
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