Despite the tough conditions currently facing the global shipping industry, the state-run Shipping Corporation of India has announced plans to revive a joint-venture with Iran, which is said to be 40 years old, according to Bloomberg.
The move comes after Iranian sanctions were partially lifted on Iran, which enables non US citizens and companies to trade with Iranian government entities.
B. B. Sinha, Chairman of the Shipping Corporation of India, said that the plan would involve reviving Irano Hind Shipping Co., which potentially offers access to Central Asian markets.
Sinha said: “We don’t want this company to just die out. The other partner, Islamic Republic of Iran Shipping Lines, has got great presence in the Caspian Sea.”
PTI previously reported that India and Iran had ended their shipping hiatus after four years in a bid to resume the transportation of oil into Iran.
This follows news that Narendra Modi, Prime Minister for India had announced that India were looking to invest US$500 million into Iran’s Chabahar Port.