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Malaysia's MISC eyes Shipping Corp

Malaysia's largest shipping firm, Malaysia International Shipping Corporation, on Monday declared an interest in bidding for India's top shipping line, state-run Shipping Corporation of India.

The government, which owns an 80 per cent stake in SCI, plans to sell a 51 per cent stake to a strategic partner.

"We wish to confirm that MISC has submitted an expression of interest to the Government of India," MISC said, adding that it was part of the company's on-going "prudent business practice".

It said the expression of interest would enable MISC, which is 62 per cent owned by Malaysia's state oil firm Petronas, to carry out due diligence on SCI.

MISC, the world's largest liquefied natural gas carrier, said it was always looking at business opportunities which would add value and were synergistic to its core business.

SCI has a fleet of 94 ships, about 40 per cent of India's total shipping fleet by tonnage.

It recently diversified into transporting liquefied natural gas.

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