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August 24, 2001
‘25’
EXPANSION PLAN OF SCI
The Shipping Corporation of India (SCI) has already placed orders for construction of eight ships during the year 2000-2001 for induction in its fleet in the year 2002-2003, and also proposed to acquire 10 more vessels during the current financial year. Besides these, the SCI has participated in a joint venture with Mitsui OSK and Atlantic Commercial Finance Inc. (a subsidiary of Enron) to acquire and operate a 137,000 CBM LNG carrier for transportation of LNG for Dabhol Power Company. The vessel is under construction at a price of US dollar 189.00 million and is expected to be delivered in November, 2001 with SCI’s shareholding of 20 per cent.
The SCI has also entered into joint venture with Mitsui OSK, Nippon Yusen Kabushiki Kaisha (NYK) Kawasaki Kisen Kaisha (K Line) to acquire and operate two 138,000 CBM LNG carrier for transportation of LNG for Petronet LNG Ltd. at a price of US dollar 158.50 million per vessel with SCI’s shareholding at 34.21 per cent.
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