Kuala Lumpur: Malaysia International Shipping Corporation (MISC) has expressed keenness on taking equity stake in the Shipping Corporation of India (SCI).

The corporation has recently submitted its expression of interest bid for picking up equity in SCI. The move is in the line with the corporation's expansion plan.

"We consider SCI an excellent channel to expand business in the region," a company official told reporters adding that "the submission of expression of interest will qualify us to make a financial bid when called by SCI."

The bidding price for the stake will be worked out on the basis of our evaluation and potential for growth through the new partnership, he added.

Beside the conventional business, SCI would also give MISC an opportunity to expand its prospects in the carriage of Liquefied Natural Gas (LNG) as SCI has decided to enter this field.

It is considered as a positive outcome of the recent visit of Minister of Shipping Vedprakash P Goyal. During his visit last month, he met senior members from the shipping industry and invited them to invest in India.

Inviting investment in SCI, Goyal stated that the government would like to reduce its share to 26 per cent from the present about 80 per cent and will offer 3 per cent to the employees. Since about 20 per cent is already with the public, the remaining 51 per cent will be shared by the Indian and foreign partners.

PTI