SearchIndia’s SCI looking to sell stake of JV to Iran

India’s SCI looking to sell stake of JV to Iran ...
arabiansupplychain.com 20/05/2014 Economy

Keywords:India, Iran, Iran Shipping Lines, Irani, Iranian, Islam, Islamic, Islamic Republic, Islamic Republic of Iran, Islamic Republic of Iran Shipping Lines, SC, Sanctions, Shipping Corp of India

by ASC Staff on May 20, 2014
The Shipping Corp of India is looking to sell its stake in its Iranian joint venture to its partner Islamic Republic of Iran Shipping Lines as Iranian regulations don’t permit division of assets.

SCI Chairman and Managing Director A.K Gupta told India’s Cogencis that a decision has been taken although details are still being worked out, adding that the Iranian commerce ministry had raised “some issues” on division of fleet because of some local laws.

The joint venture named Irano-Hind Shipping Co is registered in Iran and hence governed by Iranian laws.

“So, the splitting of assets that we were talking about is not possible,” Gupta said.

Gupta declined to comment on the monetary aspects of the stake sale. However, an industry executive said that Shipping Corp is not likely to get any money from the planned stake sale as Irano-Hind is incurring losses and its vessels are not operating.

The joint venture, formed in 1975, was dissolved after receiving the approval of the Indian Cabinet last year. Shipping Corp has 49 per cent in the venture with the Iranian company owning the rest.

After the decision to dissolve the joint venture, the two partners had agreed to divide the fleet. Shipping Corp was pitching to take control of three tankers out of a fleet of six vessels the company had.

Sanctions by Western countries over nuclear development last year had made operations of Irano-Hind vessels difficult as they could not be deployed for transportation due to lack of insurance covers and other issues.
------
...

Read more from Source »

Related articles based on keyword density
Media Scam? Iran and America Join Hands in Waging “The Global War on T...
globalresearch.ca 01/07/2014 Politics
By Prof Michel Chossudovsky Global Research, June 21, 2014 Following the incursion of jihadist rebels of the Islamic State of Iraq and the Levant (IS...View Details»

GLOBAL TOP 1000 WEBSITES 2016 – Ratak IT...
ratak.ir 16/03/2017 News
Ratak introduces global Top Websites of 2016 Data for table Top201702 1 1host2u.ir 1host2u.ir,Abarkooh,Armenia,Bahram 2,Bahram 3,Britain,Caesar,Carus,...View Details»

United Nations Security Council Resolution 1929 ...
1host2u.ir 09/06/2010 History
United Nations Security Council Resolution 1929, adopted on 9 June 2010, after recalling resolutions 1696 (2006), 1737 (2006), 1747 (2007), 1803 (2008...View Details»

...
al-monitor.com 18/08/2014 News
Despite scores of Iranian individuals and companies successfully proving in European courts that the sanctions placed upon them are illegal under EU l...View Details»

IRAN NUCLEAR TALKS STUMBLE, EXTENDED UNTIL JULY ...
hosted.ap.org 24/11/2014 News
BY MATTHEW LEE AND GEORGE JAHN ASSOCIATED PRESS VIENNA (AP) -- Still facing significant differences between the U.S. and Iran, negotiators gave up on...View Details»


EOF