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Cabinet nod for SCI plan to float JV

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Press Trust of India New Delhi
The government today gave its approval to the plan of Shipping Corporation of India (SCI) to invest $20.88 million for taking 33.77% stake in a joint venture company to be set up in Panama.

The joint venture will be for the Dahej expansion project of Petronet LNG, Information and Broadcasting Minister Priyaranjan Dasmunsi said after a cabinet meeting today.

Other partners in the joint venture are Mitsui OSK Lines of Japan with a stake of 33.77%, Nippon Yusem Kabushiki Kaisha with a share of 21.64% and Kawasaki Kisen Kaisha with 10.82%.

The share of SCI in the JV may go down to 26% if Petronet LNG or its nominee exercises the option to take up 23% share in the above JV, the minister said.

 
 

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First Published: Mar 04 2006 | 2:25 PM IST

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