Mumbai: The global recession has spurred India's Government to consider a Rs 100bn package to help local shipping firms finance new vessel acquisitions, Mint reports, quoting APVN Sarma, secretary to the ministry of shipping.
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The package comes in light of the fact that banks, which had a long track record of lending to Indian owners have tightened their resources. The secretary did not elaborate on interest rates and other details. [18/03/09]
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