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.

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