Century to cast away shipping division

 A top source said the company had finalised its plan to sell its two ships with a combined capacity of 73,805 tonnes dead weight by this financial year and close down the division.

 He added the company was expected to bag $ 13 million (approximately Rs 65 crore) from sale of the two ships. Century had 13 vessels only a few years ago.

 The company is into the businesses of textiles, cement, paper, shipping, chemicals and floriculture.

 The decision to pull out of the shipping business, which had a little contribution of total business, was prompted by the long term uncertain prospects of the industry due to worldwide adverse political and economic scenario.

 In fact, the company