News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Home  » Business » SCI divestment by October 2003

SCI divestment by October 2003

Source: PTI
July 30, 2003 17:13 IST
Get Rediff News in your Inbox:

Divestment of Shipping Corporation of India is likely to take place by October 2003 as per the schedule, Lok Sabha was informed on Wednesday.

SCI had recently placed order for building of Very Large Crude Oil Carriers at Hyundai Shipyard, South Korea, and is in the process of signing contract for building one Aframax crude oil tanker at Cochin shipyard, Minister of Commerce and Law Arun Jaitley said in written reply to a question.

He said both the acquisition proposals were initiated before the process of divestment started and as per SCI's business plan.

The impact of procurement of new ships by SCI will be positive, which will also enhance the profitability of the company, he said.

The government would not provide any budgetary support for the acquisition and it would be funded by the company through its internal resources and borrowings from commercial market, Jaitely said.
Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!