Shipping Corporation of India to start waterways services While cargo movement through waterways is economically cheaper, there remains a few hurdles
Government-owned Shipping Corporation of India (SCI) plans to collaborate with Inland Waterways Authority of India (IWAI) soon to begin inland waterways and coastal shipping services.
The services that will start on National Waterway-1 will be undertaken by the wholly owned subsidiary of SCI Calcutta-registered Inland & Coastal Shipping Ltd.
“We are getting into a collaboration with IWAI and we are going to start our services through our 100 per cent subsidiary Inland & Coastal Shipping. We are going to start regular service on NW1,” SCI chairman and managing director H. K. Joshi said at a virtual event organised by the Bengal Chamber of Commerce and Industry.
The government has invited bids for its entire stake in the Shipping Corporation of India, paving the way for yet another privatisation of a state-owned company after BPCL. The interested buyers will have to submit an expression of interest to acquire the government’s 63.75 per cent stake in the shipping company by February 13, 2021. Buyers can submit their queries to transaction adviser by January 23, said the preliminary information memorandum released by the government.
Shipping Corporation owns and operates a third of Indian tonnage, and has operating interests in all areas of the shipping business. The company has 6 joint venture entities, and four will be a part of the sale. These are India LNG Transport Co. (No.1) Ltd, India LNG Transport Co. (No.2) Ltd., India LNG Transport Co. (No.3) Ltd., and India LNG Transport Co. (No.4) Ltd. Of the other two joint ventures, Irano Hind Shipping Company is being dissolved, while SAIL SCIL Shipping Pvt. Ltd is in the process of windin