Shipping Corp to spend $1.4 bn
The company owns a fleet of 82 ships, mostly bulk carriers and tankers and plans to diversify into port operation and rail transport.india Updated: Jun 16, 2006 17:51 IST
State-run Shipping Corporation of India Ltd plans to spend Rs 63 billion ($1.4 billion) to buy 35 vessels in 2006/07 as it focuses on energy transportation for growth, its chairman said.
The company, India's largest shipping firm, owns a fleet of 82 ships, mostly bulk carriers and tankers and plans to diversify into port operation and rail transport.
"We would like to be virtually in all LNG (liquefied natural gas) projects in the country and offshore services segment," Chairman and Managing Director S Hajara told reporters late on Thursday.
Shipping Corp has a 29.08 per cent stake each in two joint ventures for LNG transportation.
"We will continue with our two joint venture in LNG transportation for now. But three-four years from now, we might enter LNG ourselves," Hajara said.
The company also plans to start buying second-hand vessels to meet its acquisition target.
"Whatever we can grab we will to meet the ship acquisition target. We will try to meet at least 50-60 per cent of the target this year in the next couple of months," Umesh Grover, director in-charge of technical and offshore said.
Shares in the company rose 2.41 per cent to Rs 137.95 in a strong Mumbai market.