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New Delhi, July 21

Shipping Corporation of India (SCI) has been permitted to acquire 12 vessels with an investment of about Rs 3,193 crore. The Cabinet Committee on Economic Affairs has gave its approval to SCI to acquire four Aframax tankers of about 110,000 dead weight tonnage (DWT) each; two large range-II size product tankers of about 95,000 DWT each; four numbers Panamax bulk carriers of about 75,000 DWT each; two cellular container vessels of about 5,000 TEU (twenty feet equivalent un it) capacity each. SCI will be allowed to go in for external financing up to 80 per cent of the contract price of each vessel. The loan would be sourced either from domestic or international market. The balance 20 per cent can be raised from its internal resources. In case SCI resorts to external commercial borrowing funding, it has to seek necessary approvals. —

Our Bureau

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