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Shourie gives nod to SCI acquisition plan
New Delhi, Feb 19: Disinvestment Minister Arun Shourie is believed to have given his approval to acquisition of two new Very Large Crude Carriers (VLCC) by Shipping Corporation of India (SCI) in view of existing uncertainty over disinvestment of SCI.
The finance ministry has convened a meeting of the Public Investment Board (PIB) tomorrow to consider SCI's proposal to acquire two VLCC from South Korean Hyundai Heavy Industries at a cost of 65.2 million dollar per vessel. Sources said disinvestment ministry had earlier opposed the acquisition as it felt the decision to make such huge investment should be left to the strategic investor.
Shourie's change of heart follows Petroleum Minister Ram Naik's refusal to extend nodal agency status of SCI for transportation of crude oil for a period of two years post its privatisation, they said
Only two firms, including Essar Shipping, are left in race for buying government's 51 per cent stake in SCI.
Bureau Report