India's government owned Shipping Corp. of India Ltd (SCI) plans to revive a 40-year-old joint venture with an Iranian company after a gap of 4 years, reports Bloomberg.
The recent removal of anti-Tehran sanctions opened the way for resuscitating Irano Hind Shipping Co., which potentially offers access to Central Asian markets such as Kazakhstan, SCI Chairman B. B. Sinha said.
“We don’t want this company to just die out,” he added as cited by Bloomberg. SCI is struggling for respite from an industry downturn.
“The other partner, Islamic Republic of Iran Shipping Lines, has got great presence in the Caspian Sea
SCI holds 49% stake of the Iranian joint venture firm, Irano Hind Shipping, while Islamic Republic of Iran Shipping Lines controls the rest.
The company was founded in 1974 and is based in Tehran, Iran. Irano Hind Shipping operates as a subsidiary of Islamic Republic of Iran Shipping Lines Co.
SCI and Islamic Republic of Iran Shipping Lines had in 2012 reportedly decided to dissolve the Tehran-based joint venture, after years of sanctions against Iran over its disputed nuclear program crimped trade flows. Those restrictions began easing in January 2016.
SCI owns and operates around one-third of the Indian tonnage, and has operating interests in practically all areas of the shipping business; servicing both national and international trades. Government of India currently
holds 63.75% stake in SCI