State-run Shipping Corporation of India (SCI) is planning to raise about $300m via debt to buy vessels.

The company hopes to tie up loans with foreign banks which will be used for vessel acquisitions, reports Reuters.

The company has an order book of 32 vessels worth $1.6bn and it is planning to buy used vessels.

SCI, whose debt is 0.4 times its equity, expects 2009-10 earnings to be bleak.