The Indian government on Wednesday approved a proposal to liquidate Irano Hind Shipping Co., a joint venture between Shipping Corporation of India and Islamic Republic of Iran Shipping Lines, in the face of tightening U.S. and European Union sanctions against Tehran.
“The joint venture has been dissolved,” India Information Minister Manish Tewari said in New Delhi.
Established in 1975, Irano Hind was 51 percent owned by IRISL and 49 percent by state-owned SCI. The joint venture was forced to suspend operations last year.
Irano Hind had a fleet of eight vessels, including four oil tankers and four bulk carriers. Officials said negotiations are under way to split jointly owned assets between the two partners in terms of shareholding.
SCI, India’s largest shipping line, currently operates a fleet of 80 vessels with a total carrying capacity of 5.9 million deadweight tons.