SAIL forms JVC along with Shipping Corporation of India
State-run Steel Authority of India (SAIL) has signed a memorandum of understanding (MoU) with Shipping Corporation of India (SCI) to promote a joint venture company for providing various shipping-related services to SAIL to import coking coal.
The steel major and SCI will each hold 25 % of the paid-up share capital of the proposed JV, while the remaining share capital will be held by other strategic partners, who are yet to be identified.
The joint venture firm would primarily provide various shipping related services to SAIL for importing coking coal and may also participate in world wide dry bulk shipping trade.
SCI is the largest shipping company in India with a diversified fleet of 79 vessels including crude tankers, bulk carriers, etc and has considerable experience in owning and operating them.