SCI floats diversification joint ventures

Mumbai: The Shipping Corporation of India (SCI) has taken the first step in its long term diversification plans and has floated four joint venture companies that will see it enter shipbuilding, container terminal operation, dredging and offshore services. Although details of the new companies are yet to be made official, SCI is believed to be in negotiations with Hyundai Heavy Industries for its shipbuilding venture. It is also expected to submit a bid for the construction of the fourth container terminal at JNPT in conjunction with Mediterranean Shipping Company (MSC) Container Corporation of India (Concor) and Central Warehousing Corporation (CWC).

Although SCI is yet to submit finalised proposals to the Indian government for approval, SCI chairman and md Sabyasachi Hajara (pictured) told Seatrade last month, "We are looking to enter any new sector that is financially profitable. We have expressed our interest to a number of world leaders, particularly in Korea to form a joint venture for a shipyard in India,' says Hajara. 'We are interested in being a fully fledged player in all maritime industries, and since shipbuilding is doing so well around the world, there is no reason stopping us from being involved.'

The shipping company is also rumoured to be in talks with ONGC for a 50-50 energy joint venture and is expected to confirm its partners for it dredging venture in the next few months.  [21/09/07]