Shipping Corp, Coal India in talks for JV

Monday, 4 October 2010 09:41 - - {{hitsCtrl.values.hits}}

REUTERS - State-run Shipping Corp of India (SCI) is in talks with Coal India Ltd for a joint venture agreement to import coal for the miner, its top official said.

"We are interested and some discussions are on with them (Coal India) but nothing has been finalised yet," SCI Chairman and Managing Director S. Hajara told reporters on the sidelines of the company's annual general meeting.

SCI already has an equal joint venture with Steel Authority of India Ltd (SAIL.BO) to take care of the latter’s shipping requirements.

Hajara also said the cabinet approval for the proposed follow-on public offer (FPO) of SCI was expected "very soon."

The proposed FPO is likely to fetch about $300 million by selling 20 percent stake in the firm, sources had told Reuters last month.