SCI to invest in yards

Mumbai: Shipping Corporation of India is expected to make investments of $600-800 million in construction of shipyards. The Government of India has indicated development of two shipyards on the east and west coasts under the National Maritime Development Programme. SCI is looking to form a joint venture for its shipbuilding foray and expects to finalise partners soon. The proposed shipyards would mainly build very large crude carriers.

"We are talking to some partners for our shipbuilding foray, and expect to finalise our plans in the next three to four months," said a senior official.

Since 2003 SCI has often been constrained in its ability to order overseas given the huge backlogs that have accrued in countries such as Korea.  [11/02/08]