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Govt. to Inject US$2 Billion into Shipping Industry

Posted on March 18, 2009 by

Mar. 18 – The Indian government is mulling a Rs 100 billion (US$2 billion) package to help shipping companies buy new vessels as Indian and foreign banks tighten credit lines.

"Foreign banks are not lending now. Traditionally they’ve been the lenders for shipping acquisitions. This is some sort of financing for acquisition of new ships by Shipping Corporation of India and also by other Indian private shipping companies," APVN Sarma, secretary, ministry of shipping told Reuters.

The largest state run shipping company – the shipping corporation of India has planned a capital expenditure of Rs 150 billion (US$3 billion) during the eleventh five year plan. The SCI has an order pipeline for 29 new ships.

While the ministry of Shipping has forwarded their demand to the government, no action is expected until after the national elections are completed in May.