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SCI and Shipping Corp. of South Africa in talks for JV

SCI and Shipping Corp. of South Africa in talks for JV
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First Published: Fri, Mar 12 2010. 08 46 PM IST
Updated: Fri, Mar 12 2010. 08 46 PM IST
Bangalore: State-owned Shipping Corp. of India Ltd (SCI) and Shipping Corp. of South Africa have begun discussions on setting up a joint venture shipping company, two persons briefed on the matter said.
India’s biggest ocean carrier and the South African firm have hired consultancy firm KPMG to draw up the details of the proposed joint venture, including the likely equity stakes to be held by the two parties, a senior executive at SCI said.
Shipping Corp. of South Africa is a wholly owned subsidiary of African General Equity Group (Pty) Ltd, or AGE Group.
A team of executives from Shipping Corp. of South Africa, led by Reggie Naidoo, one of the three founders of AGE Group, made a presentation to top SCI executives on Thursday on the proposed joint venture, the SCI executive said. He did not want to be named because he is not authorized to speak to the media.
“The joint venture plan is under examination at SCI,” he said, adding that a partnership with the South African firm would “help SCI get a toehold into that market.”
The proposed joint venture shipping company would cater to dry bulk cargo such as coal and iron ore exported from South Africa and the import of liquid cargo, he said.
A spokesman for SCI declined to comment. Naidoo could not be reached.
p.manoj@livemint.com
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First Published: Fri, Mar 12 2010. 08 46 PM IST