The Shipping Corporation of India (SCI) has unveiled plans to acquire eight large vessels to expand its capacity.
The state-owned shipping company will buy 110 vessels of 5.21 million tonnes with an investment of Rs276.6bn ($6bn) by 2020.
The vessels will increase SCI’s total tonnage to 7.21 million tonnes.
SCI has already issued tenders to acquire four very large crude carriers and four Karnsarmax bulk carriers, in addition to tenders for second-hand / resale supermax bulk carriers and container vessels.
The Indian Government has already provided Rs29bn ($654m) for vessels on firm orders this year and Rs10bn ($238m) for new projects, according to business-standard.com.