Shipping Corp to acquire six tankers worth Rs 1705 cr

New Delhi, Sep 29 (UNI) The Cabinet Committee on Economic Affairs (CCEA) today gave approval for acquiring six long-range-1 (LR-1) product tankers of about 60,000 dead weight tonnage at a total cost of Rs 1705.68 crore (370.80 million dollars).

Each tanker will cost about Rs 284 crore, Finance Minister P Chidambaram told reporters after the CCEA meeting.

The acquisition would enable the Public Sector Shipping Company to cater to most of India's product transportation requirements so as to reduce dependence on the foreign flag vessels and result in net foreign exchange savings for the country.

It would also lead to replacement of SCI's ageing product tanker tonnage which would meet the increased demand for products exports and coastal transportation in the coming years.

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