Irano Hind Shipping Company, a joint venture between Shipping Corporation of India (SCI) and Islamic Republic of Iran Shipping Lines (IRISL) which was dissolved in the face of the US-led anti-Iran sanctions, could be revived, reports Livemint.
SCI says the recent nuclear understanding between Iran and the P5+1 group of countries could provide a new lease of life for the JV.
“With the changed situation, anything can happen… The government has to take a call on whether to reverse its earlier decision to dissolve the company,” an SCI spokesman said.
“We are looking into the matter now that the scenario has undergone a drastic change with the signing of the framework agreement last week between Iran and western nations,” said a spokesman for the shipping ministry.
SCI held 49% stake in Irano Hind Shipping Company. Back in 2013, New Delhi approved a proposal to liquidate the 37-year-old joint venture in the face of tightening U.S. and European Union sanctions against Tehran.
Iran, though, was not keen on dissolving the JV and wanted to continue business with or without SCI, forcing India’s biggest ocean carrier to consider the option of selling its stake to the Iranian firm to exit the company. However, the process of valuing the shares for transferring it to IRISL was yet to be decided.
Revival of Iran-India joint venture is of great significance for New Delhi, the second biggest buyer of Iranian crude after China.
Earlier this year, Chairman of Iran Chamber
of Commerce Gholam Hossein Shafeyee announced that Iran and India plan
to set up a direct shipping route between Chabahar and Mumbai ports.