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This story is from August 14, 2007
SCI, Hyundai in $400m deal
The Shipping Corporation of India (SCI) on Friday signed an MoU with Korea's Hyundai Heavy Industry here.
SCI CMD B Hajara signed for six tankers, four Aframax crude oil tankers and two product tankers, making it the largest ever shipbuilding contract in terms of value - $ 400 million - signed by the corporation since its inception in 1961.
The other order for four Panamax bulk carriers and two container vessels will be formalised soon. "With this deal, our orderbook stands at 18 vessels that will be delivered between October 2008 to April 2011. Our current capacity is four million DWT and at the end of this Plan, it would double," said Hajara. The six vessels for which the deal was signed on Friday will be built at Hyundai's world class shipyard in Korea. They would be dual classed with American Bureau of Shipping & Indian Register of Shipping.
Indian flagships carry about 13.7 % of the country exim trade. To even retain this percentage by buying new vessels and replace old ones, they need to spend nearly $ 20 billion in coming years. While their expected investment ability is nearly half that amount, this sector will require a tremendous infusion of FDI.
The miniratna - which is the only Indian flagship to breach the Rs 1,000-crore annual profit thrice in a row and first to reach a market capitalisation of $ one billion - is going to raise over Rs 9,431 crore as external commercial borrowings in the next five years, Hajara said.
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