India takes six ships from Iran joint venture

By Finance

Irano Hind Shipping Co. is trying to escape Western sanctions. Shipping Corp. of India now has 6 of the 7 vessels owned by the joint venture Iran company.
The India's biggest ocean carrier venture and Iran Shipping Lines agreed to cooperate after Iran's nuclear programme was a reason for sanctions of Western countries. All 6 vessels will be registered and will sail under Indian flag.
An annonymous official of India said: "Iran Shipping Lines were very keen to break the joint venture and had moved this resolution in July last year. While they had a 51% stake in it, our stake was 49%. Even as they were not getting much business due to sanctions, the firm had a positive net worth of $75 million, with loans of $80 million,"
Iran has the world's 2nd biggest oil and gas reserves and the economy was heart badly after the sanctions. For the last 8 months of 2012 India imported almost 10 million tonnes of crude from Islamic Republic of Iran.
The Iranian company Irano Hind Shipping was founded in March 1975 on the basis of bilateral deal between India and Iran Shipping Corp.
India takes 4th place in the world for oil import.