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Shippping Corp gets cabinet nod to buy 6 vessels
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reuters india on 01 December, 2007 07:08:00
 
NEW DELHI (Reuters) - Shipping Corp of India has received permission from the
cabinet to buy six large vessels for $269.40 million, Finance Minister
Palaniappan Chidambaram said on Friday.
"SCI would be availing of external borrowing up to 80 percent of the contract
price of each vessel from banks and financial institutions, either from
international market or the domestic market, and the balance from its internal
resources," he said.
The acquisitions will help SCI replace its ageing handymax bulk carriers, he
said.
SCI's share price rose 10.7 percent to 267.45 rupees in a firm Mumbai market.