The Indian government on Saturday approved state-run Shipping Corporation of India Ltd's plan to take a 33.8 percent stake in a new Panama-based liquefied natural gas (LNG) transportation company.
Shipping Corp will invest $21 million in the firm, in which Japan's Mitsui OSK Lines Ltd, Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha Ltd would be other partners, the government said in a statement.
The new company would transport LNG for India's state-run Petronet LNG Ltd, which operates a 5-million-tonne LNG terminal in Dahej on India's west coast.
The company would transport 2.5 million tonnes of LNG for an expanded facility at Dahej.
The government said Shipping Corp's stake could drop to 26 percent if Petronet LNG or its nominee exercised the option to take up to 23 percent of the company.
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