SCI in talks with overseas shipyards for JV

Mumbai-based Shipping Corp of India Ltd is in talks with foreign shipyards for a joint venture in India and plans to buy a stake in any of the two shipbuilding yards proposed by the government. The state-run firm, which wants to get into port management and dredging operations, is also eyeing high-end offshore oil and gas exploration business by buying oil rigs and platform supply vessels.

Earlier the company announced a $3-billion ship acquisition plan in the five-year period to 2011/12 and has placed orders for 18 vessels for about $1.3 billion.