SCI receives refund on account of cancellation of shipbuilding contract

Shipping Corporation of India (SCI) has received refund on account of rescindment of shipbuilding contract for Hull No. D-2132 of which Rs 105.107 crore was paid from FPO proceeds. The company had fully utilized an amount of Rs 582.45 crore raised though FPO for the projects. However, SCI was in receipt of Rs 260 crore (out of which Rs 105 crore as part of the FPO proceeds) on cancellation of a ship building contract. SCI is the only Indian shipping company operating break-bulk service, international container service, liquid / dry bulk service, offshore service, passenger service, in addition to manning / managing a large number of vessels on behalf of various government departments and organizations.