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AET becomes first foreign firm to register ship in India

AET becomes first foreign firm to register ship in India

Mumbai: Malaysian tanker operator AET Tanker Holdings Sdn Bhd has become the first global shipping company to register a ship in India, nine years after the country opened its doors to 100% foreign direct investment in shipping.
On Thursday, the Directorate General of Shipping (DGS), India's maritime regulator, granted registration to one of AET's ships, a few months after the company had applied for an Indian registration.
AET's petroleum products tanker named Eagle Meerut has been granted an Indian registration, an official at DGS said. An AET executive confirmed the development. Both officials spoke on condition of anonymity.
AET, the oil shipping arm of Malaysia's state-run shipping firm MISC Bhd, wants to expand into India to take advantage of the potential for shipping in the world's second-fastest growing major economy. "Exploring the opportunity to flag an AET vessel in India is a logical extension to AET's considerable investment in India," Paul Lovell, head of corporate communications at AET, told local media.  [15/01/10]

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