Cabinet okays SCI plan to float joint venture

The Govt gave its approval to Shipping Corporation of India's plan to invest $20.88 mn for 33.77% stake in a joint venture company.

The Government on Saturday gave its approval to Shipping Corporation of India's plan to invest $20.88 million for 33.77 per cent stake in a joint venture company to be set up in Panama.

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The joint venture will be for Dahej expansion project of Petronet LNG, Information and Broadcasting Minister Priyaranjan Dasmunsi said after a Cabinet meeting.

Other partners in the joint venture are Mitsui OSK Lines of Japan with a stake of 33.77, Nippon Yusem Kabushiki Kaisha with a share of 21.64 per cent and Kawasaki Kisen Kaisha 10.82 per cent.

The share of SCI in JV may go down to 26 per cent if Petronet LNG or its nominee exercises the option to take up 23 per cent share in the above JV, the Minister said.