SCI orders pair at Cochin

State-run Shipping Corp. of India Ltd (SCI), India?s biggest shipping firm, has placed orders for two anchor handling tug cum supply vessels worth about $35 million with Cochin Shipyard Ltd (CSL), the country?s biggest shipbuilder under state control.

The shipbuilding contract between the two state-owned firms also includes an option for building two additional similar vessels with a pulling capacity of 120 tonnes.

Spokespersons for both SCI and CSL declined to comment because the deal has not been made public yet. Cochin Shipyard is one the prime candidates among a few state-run firms that are looking to sell shares to the public through an initial public offering (IPO).

The shipbuilder is setting up a small ship-building division with an investment of Rs 98 crore and had also floated plans to build a second dry dock to construct bigger ships.