India's federal cabinet has approved state-run Shipping Corporation of India's proposal to acquire four Aframax tankers of 110,000 DWT each
. The cabinet approval also permits SCI to borrow up to 80 percent of the vessel contract price
from the international market. The four tankers will be acquired at a price of $35.76 million each on cash basis from South Korea's Hyundai Heavy Industries
. The Aframax tankers will augment SCI's crude tanker tonnage to meet increased demand for crude oil transporation.