Financial Daily from THE HINDU group of publications
Tuesday, Oct 18, 2005


Group Sites

Corporate - Outlook
Logistics - Shipping

SCI plans to invest Rs 6,500 cr to buy 34 vessels in 5 years

Our Bureau

New Delhi , Oct 17

SHIPPING Corporation of India (SCI) plans to invest about Rs 6,500 crore in about five years for acquiring 34 vessels.

"We have planned the investment for our massive vessel acquisition programme of 34 vessels. This includes our annual investment of Rs 1,293 crore for the current fiscal," Mr S. Hajara, Chairman and Managing Director, told Business Line.

Mr Hajara was in town to hand over a dividend cheque of Rs 67.86 crore to the Union Shipping Minister, Mr T.R. Baalu.

The amount was the final dividend of 30 per cent for 2004-05 against the Government's shareholding of 80.12 per cent in SCI.

With this, the company has now paid an aggregate dividend of 70 per cent amounting to Rs 158 crore to the Government for 2004-05; it had already paid an interim dividend of Rs 90.47 crore.

The corporation would focus on sectors such as crude products, LNG transportation, and bulk carriers, with special emphasis on offshore segment.

To increase its presence in offshore oil segments, Mr Hajara said the company could consider joint ventures with foreign shipping companies.

SCI recorded net profit of Rs 1,420 crore in 2004-05, the highest since its inception. It owns a fleet of 84 ships, with 49,34,847 dwt, according to a statement.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Tata Safari Dicor

Stories in this Section
KMML to raise capacity to 60,000 t by June

Dr Reddy's launches liver drug
NEPC to sell wind energy unit
Aurobindo Pharma plans to sell unit
More pharma patent litigations in store — Ranbaxy, Dr Reddy's prepare for long battle
Bombay Burmah to decide on Dental Products merger soon
Omax Auto set to acquire US firm
Bain Capital acquires parent co of FCI OEN Connectors
Temasek picks stake in Medreich
Nadi group to go for capacity expansion
Marvel Entertainment, First Serve Toonz join hands for animated series
Tracing the history of Tata Motors
Staffing cos may soon pip IT firms in job market
SAAG-RR expects to double turnover on healthy order position
SCI plans to invest Rs 6,500 cr to buy 34 vessels in 5 years
IOC expects to make profit in Q2; IBP set to post losses
Nikhil Nanda back on Escorts board

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line