October, 2014 – SCI and GAIL in USD 3 Bn LNG Deal Talks

Shipping Corporation of India (SCI) is currently in talks with GAIL (India) Limited to form a joint venture where GAIL will secure USD 3 billion for the purchase of nine LNG ships which will be run by SCI, a senior official at SCI was reported saying. Sarveen Narula, SCI Director for liner and passenger services, said once the tie-up is formed and it gets all the necessary approvals, SIC will have the option to own 25 per cent stake in the formed company, according to The Economic Times. “The Memorandum of Understanding is being finalised. We are already in talks with them. Very soon it will be done. It is brokered through the Government,”Narula said.