Shipping Corp plans Rs1500 cr capex in FY08

Mumbai: State-run Shipping Corp. of India Ltd has lined up a capital expenditure of more than Rs1500 crore to buy 19 vessels in 2007-08 in a bid to handle larger volumes and gain market share, a senior official said.

This expenditure is part of a $3.3-billion plan to buy 76 vessels by the end of the 11th plan. The value of the ships would be more than $840 million, director Umesh Grover said on 29 May.

“Most of them (contracts) would be achieved in the next 1-2 months," Grover said, adding negotiations were at an advanced stage.

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