Steel Authority, Shipping Corp to float joint venture firm
July 1st, 2008 - 4:12 pm ICT by IANS
New Delhi, July 1 (IANS) The Steel Authority of India Ltd (SAIL) and the Shipping Corporation of India (SCI) will float a joint venture company to facilitate import of coking coal for SAIL. The two state-owned companies signed a memorandum of understanding to this effect Tuesday.
The new company will also participate in worldwide dry bulk shipping trade.
It will own and operate charter ships at competitive rates in shipping-related business and set up economically feasible coastal transportation of coal from deep draft ports, SAIL said in a statement.
While SAIL and SCI each intend to hold 25 percent of the paid-up share capital in the proposed company, other strategic partners, who are yet to be identified, will hold the remaining.
- GVK Energy to set up two thermal power plants in Andhra - Jan 13, 2012
- SAIL to form venture with Shipping Corporation - Mar 30, 2010
- Record discharge of cargo at Odisha's Dhamra Port - Mar 29, 2012
- Shipping Corp going slow on new vessel orders - Nov 15, 2011
- NMDC scouts for mines in Mozambique, South Africa - Sep 08, 2010
- 6 mn tonnes coking coal from Australia by 2015: Gujarat NRE - May 23, 2011
- NMDC to acquire coking coal mine in Russia - Sep 24, 2011
- NALCO to finalise Indonesia coal deal by January - Oct 02, 2010
- Jindal ITF to carry coal for NTPC's power plant - Aug 11, 2011
- SAIL pays government Rs.425.36 crore interim dividend (With Image) - Apr 03, 2012
- Booming trade ups freight from India to Africa - Apr 06, 2011
- Committee to decide whether Chennai port will handle coal - Apr 12, 2012
- Shipping Corporation expects to file DRHP this quarter - Oct 06, 2010
- Steel Authority planning 12-mn tonne plant in Jharkhand - Nov 17, 2009
- NTPC in talks with Bangladesh agency for power project land - Dec 22, 2010
Tags: charter ships, coal, draft ports, joint venture company, july 1, memorandum of understanding, New Delhi, share capital, shipping corp, shipping corporation of india, shipping corporation of india sci, shipping trade, steel authority of india ltd, strategic partners, venture firm