Shipping Corporation of India's (SCI) wholly-owned subsidiary, SCI Bharat IFSC, has secured the green light from the Indian government to set up a unit in Gujarat’s GIFT Special Economic Zone (SEZ).

What Happened: The company has received a letter of approval from the office of the development commissioner of the Kandla special economic zone, department of commerce. This allows SCI Bharat IFSC to avail all the benefits and facilities accorded to a unit in a special economic zone. The approved operations encompass manufacturing, service provision, and trading.

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In July, the company dismissed reports of a joint venture with a public-sector oil marketing company. As reported, SCI clarified that while the Government of India had conducted workshops with potential stakeholders to bolster the country’s shipping and shipbuilding industry, no firm development or negotiations had taken place concerning SCI.

Reports had said that the Union Ministry of Shipping had proposed a joint venture between the SCI and a public sector oil marketing company to manufacture very large oil tankers. 

Indian Oil Corporation (IOCL), the largest oil marketing company and refiner in the country was being considered as the preferred partner for the joint venture with SCI, it added.

Price Action: SCI’s shares were trading flat at ₹267.50 on Monday.

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