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SCI expects govt call to the fate of his companys JV with Iran
State-run Shipping Corp. of India Ltd (SCI), India’s biggest ocean carrier, is awaiting government instructions before deciding the fate of its 35-year-old joint venture with the Islamic Republic of Iran Shipping Lines (IRISL), a company
facing economic sanctions because of Iran’s nuclear programme, a top SCI executive said.
“The
Irano Hind Shipping Co. (IHSC) was formed in 1975 on the basis of a
bilateral agreement between India and Iran. So the government definitely
has to give directions (on what to do),” said an SCI director, who did
not want to be named because of the sensitive nature of the issue.
An
SCI spokesman declined to comment. The Union shipping ministry also did
not comment. SCI holds a 49% stake in IHSC, which runs a seven-ship
fleet.
“Since Irisl has a 51% stake in Irano Hind Shipping, which is
based out of Teheran, the company (Irano Hind) has also come under the
sanctions,” the SCI director said, adding that while there was “no
problem” in running the joint venture, it was facing a “squeeze”.
The
European Union (EU) has in the past few days frozen assets belonging to
around 24 firms said to be associated with the Islamic Republic of Iran
Shipping Lines after the European Parliament imposed sanctions against
Iran. The restrictions have been imposed because the EU and the US
maintain that the West Asian nation is intent on developing nuclear
weapons. Iran has denied this, saying its nuclear programme is a
peaceful one meant to generate power. IRISL, Iran’s major ocean carrier,
has been hit by the sanctions because it is said to be associated with
the powerful Iranian Revolutionary Guards, an assertion that has been
rejected by the company.
The SCI director cited earlier said the
Indian firm would maintain status quo until it receives directions from
the government. He added that the joint venture had “sorted out”
insurance-related issues after global insurers declined to cover the
ships due to the sanctions. “We have got our own insurance now,” he
said, without giving any details.
Source: Live Mint
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