India will get control of six ships following a decision to dismantle a joint Iranian-Indian shipping company hit by Western sanctions on Iran, a government official said Thursday.
The Irano Hind Shipping Company was finding it difficult to get customers or insurance for its ships because of the sanctions. Last week, the Indian government agreed to close down the 39-year-old joint venture.
India will get control of six ships following a decision to dismantle a joint Iranian-Indian shipping company hit by Western sanctions on Iran, a government official said Thursday.
The Irano Hind Shipping Company was finding it difficult to get customers or insurance for its ships because of the sanctions. Last week, the Indian government agreed to close down the 39-year-old joint venture.
The state-owned Shipping Corporation of India will take over six of the seven vessels belonging to Irano Hind, the official said. In return, SCI will take on the liability of repaying the joint company’s debt, estimated at around $88 million (Dh323 million).
The official spoke on condition of anonymity because he was not authorised to speak to the media.
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