Sinin: IRISL Bulker ransomed

Ransomed after bargaining for 182 days, Maltese flagged. The ship is now on its way to a safe port.

2002:- The Shipping Corporation of India will continue to be a partner with the Iranian government in the Irano Hind Shipping Co after disinvestment.

According to senior officials, New Delhi has conveyed to Teheran that it stands committed to the joint venture even after its privatisation which is expected to take place by next month.

SCI has a 49 per cent equity holding in the joint venture company which has a majority holding by the state-owned Islamic Republic of Iran Shipping Lines.

Sources said the reassurance to the Iranian government has been informally conveyed since the joint venture was conceived as a government-to-government partnership way back in 1974.

The government has decided to offload 51 per cent equity in SCI in favour of a strategic partner while at the same time passing off 3.12 per cent shares to the employees. The government currently holds 80.12 per cent stake in the public sector shipping giant.

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