This proposal has been made by circulating a draft cabinet note owing to the piled up losses.
The Indian shipping ministry has recommended exiting from the 40-year-old joint venture shipping line Irano-Hind Shipping Company, which was formed in 1975 by Iran’s former ruler Shah Reza Pahlav and Indira Gandhi, the then PM of India. This proposal has been made by circulating a draft cabinet note owing to the piled up losses. The note has sought the views of key ministries says a report in Financial Chronicle.
Although the move is yet to gain approval, once it’s done the Shipping Corporation of India (SCI) could part depart from the venture, making way for the company to source business from India. Disengagement would prevail at the time when countries would contemplate resuming business with Iran with the attempt to augment their business, the report said.
The Iranian partner and SCI own 51% and 49% in the joint venture respectively.
Although the move is yet to gain approval, once it’s done the Shipping Corporation of India (SCI) could part depart from the venture, making way for the company to source business from India. Disengagement would prevail at the time when countries would contemplate resuming business with Iran with the attempt to augment their business, the report said.
The Iranian partner and SCI own 51% and 49% in the joint venture respectively.
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