India Government approves 32bn funding for SCI vessels

Mumbai: The Indian government has approved a proposal by the state-run Shipping Corporation of India (SCI) for the purchase of 12 vessels at a cost of Rs 31.93bn ($793.6m), reports Reuters. The vessels will cater to India's growing demand for crude oil imports.

The government also approved the purchase of three dredgers for the Dredging Corporation of India, another state-run firm. The vessels will be purchased from Dutch firm, IHC Holland Merwede, at a cost of $270m.

Both companies have also been given permission to partly-fund these purchases through money raised on the overseas debt market.  [20/07/07]