The government is considering a 100-billion-rupee package to help local shipping firms finance new vessel acquisitions as global lenders tighten up their purse strings, a junior minister said on Tuesday. "We have requested the finance ministry to consider a 10,000 crore (rupees) package (for shipping firms)," APVN Sarma, secretary, ministry of shipping, said on the sidelines of a maritime conference.
"Foreign banks are not lending now. Traditionally they've been the lenders for shipping acquisitions. This is some sort of financing for acquisition of new ships by Shipping Corp of India and also by other Indian private shipping companies," he added.
State-run Shipping Corp has planned capital expenditure to the tune of 150 billion rupees in the Eleventh five year plan period and curently has an order pipeline for 29 new ships.
The government will disburse loans of up to 100 billion rupees to shipping firms, Sarma said, but did not elaborate on interest rates and other details.
No comments:
Post a Comment