File picture of the "Delight", a Hong Kong flagged vessel operated by the Islamic Republic of Iran Shipping Lines
Mumbai:
A shipping company backed by the governments of India and Iran says it will close because of anti-Iran sanctions.
The Shipping Corporation of India, which holds a 49 per cent stake in the Irano Hind Shipping Co., has said that sanctions have made it too difficult to deploy its vessels.
Shipping Corp. managing director S Hajara said that Irano Hind will cease operation and its fleet will be split between his company and the Islamic Republic of Iran Shipping Lines, which holds the remaining stake.
He said that the decision was made at an Irano Hind board meeting last week and must be approved by the two governments and the United Nations.
The Shipping Corporation of India, which holds a 49 per cent stake in the Irano Hind Shipping Co., has said that sanctions have made it too difficult to deploy its vessels.
Shipping Corp. managing director S Hajara said that Irano Hind will cease operation and its fleet will be split between his company and the Islamic Republic of Iran Shipping Lines, which holds the remaining stake.
He said that the decision was made at an Irano Hind board meeting last week and must be approved by the two governments and the United Nations.
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