SCI to invest Rs.6,500 crore in 34 vessels over five years

New Delhi:
18 October 2005

According to S. Hajara, chairman and managing director, SCI, this will include the company''s annual investment of Rs1,293 crore for the current fiscal. Hajara has also handed over a dividend cheque of Rs67.86 crore to the Union Shipping Minister, T.R. Baalu.

The amount was the final dividend of 30 per cent for 2004-05 against the Government''s shareholding of 80.12 per cent in SCI.

With this, the company has now paid an aggregate dividend of 70 per cent amounting to Rs158 crore to the Government for 2004-05; it had already paid an interim dividend of Rs90.47 crore.

The corporation would focus on sectors such as crude products, LNG transportation, and bulk carriers, with special emphasis on offshore segment.

To increase its presence in offshore oil segments, Hajara said the company could consider joint ventures with foreign shipping companies.

SCI recorded net profit of Rs1,420 crore in 2004-05, the highest since its inception. It owns a fleet of 84 ships, with 49,34,847 dwt, according to a statement.