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Indiaexportnews.com

SCI to acquire a stake in a shipyard

  09.09.2010    

The Shipping Corporation of India (SCI) proposes to enter the shipbuilding sector by acquiring a stake in a shipyard. It has asked shipbuilders to submit their proposals in this regard, disclosed the Chairman and Managing Director, Mr S. Hajara.
"Without shipyards, there will be no shipping companies.
"It’s a backward integration for any shipping company," Mr Hajara reasoned.
"It’s a good long-term move for SCI to acquire a stake in a shipyard, since the shipping industry has stabilised from the downturn in the last few months,"one analyst admitted.
SCI may get a stake at a low price because shipyards are faced with dismal order inflow for over a year. Besides there are deferrals and cancellations for existing orders, he added, according to Exim News Service.



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