Mumbai: The Shipping Corp of India is ready to sell its stake in its Iranian joint venture to its partner Islamic Republic of Iran Shipping Lines as Iranian laws do not allow division of assets.
SCI Chairman and Managing Director A.K Gupta told India’s local media that a decision has been taken although details are still being worked out.
The joint venture, Irano-Hind Shipping Co, is registered in Iran and is believed to a loss making entity and so SCI is unlikely to see any profit from the sale.
The joint venture, formed in 1975, was dissolved after receiving the approval of the Indian Cabinet last year. SCI has a 49% in the venture with the Iranian company owning the rest. The fleet is made up of six ships. [21/05/14]