Thursday, January 21, 2010

No Shares Sale For Main Indian Shipping Line

Government Decides Against Sell Off
Shipping News Feature

INDIA – The Indian government has decided against selling off any of its shares in the country’s biggest shipping company, Shipping Corporation of India (SCI), despite a statement issued in July of last year that they would consider such a move as part of a wider plan to sell off government assets. SCI’s shares fell by 5.57 percent by the end of trading in Mumbai after the announcement.

The Indian government currently owns eighty percent of the sea freight carrier and SCI shares had been increasing steadily over the last year due, according to market watchers, the expressed intention to sell. The drop in share value is the highest the company has seen in six months.

India’s shipping secretary, K. Mohandas, stated that: “As of now, there is no immediate proposal that we are working on,” and added that he thought it time for Shipping Corporation of India to look into expanding its fleet.