SCI keen to enter into a JV with Coal India

The state-owned Shipping Corporation of India (SCI) today said that it is keen to forge an alliance with Coal India for transporting coal.

"We hope to have the JV unit with Coal India. It is likely to be 50:50," SCI Chairman and Managing Director S Hajara told reporters on the sidelines of CII national council meeting here.

SCI had already inked a JV with SAIL for acquisition of Panamax bulk carriers.
    
The government yesterday approved selling its 10 per cent stake in the navratna company and allowed it to raise 10 per cent fresh equity, paving the way for Rs 1,300 crore public issue that is likely to hit markets by December.
    
After the issue government holding in SCI would come down from 80.12 per cent to 63.75 per cent.
    
Commenting on it, Hajara said that the move would boost internal resource generation of SCI for acquisition of fleet.
    
Under the 11th plan period, SCI needs to place orders for 30 more vessels. "We already have a strong cash reserve of Rs 2500 crore," he said.
    
SCI would file the DRHP in the current quarter, he said.