November 18, 2016
The Shipping Corp. of India Ltd., struggling during an industry downturn, hopes to revive a 40-year-old joint venture with Iran’s main shipping company.
The easing of sanctions on Iran opened the way for resuscitating Irano-Hind Shipping Co., which potentially offers access to Central Asian markets such as Kazakhstan, according to the Indian company’s chairman, B.B. Sinha.
“We don’t want this company to just die out,” Sinha said last Wednesday, referring to the joint venture. “The other partner, Islamic Republic of Iran Shipping Line (IRISL), has got great presence in the Caspian Sea.”
India’s largest carrier and IRISL decided to dissolve the joint venture in 2012, after years of hassles.
The Indian company is mulling whether to operate three bulk carriers and an oil tanker owned by the joint venture. It holds 49 per cent of Irano-Hind Shipping, while IRISL controls the rest.
