SCI utilizes Rs 582.45 crore raised though FPO for projects

Shipping Corporation of India (SCI) has fully utilized an amount of Rs 582.45 crore raised though FPO for the projects. The company had come out with a Follow-on-Public Offer (FPO) during Nov 2010. The amount was utilized towards the payment of installments to the Shipyards. However, SCI is 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. The company is in process of taking appropriate steps towards alternate deployment of the funds. 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.