Arshiya likely to take the CDR Route to beat crisis as company is in talks with bankers to restructure its debt of Rs 2,500 crore
Great United Energy, formed in 2010, has already purchased a 1992-built vessel and is looking to buy one more vessel soon.
The shipping ministry's demand which was placed before the cabinet committee of secretaries will be taken up next month.
Arshiya’s business involves setting up free trade warehousing zones and rail infrastructure, including rakes and freight transportation.
The decision follows Prime Minister Manmohan Singh’s instruction to the ministry a month ago that capacity expansion should be fast-tracked.
ONGC has been chartering vessels without age norms, a practice that offshore companies, led by Shipping Corporation of India.
The Rs 7,800-crore Vizhinjam project has been delayed since 2004, when the government gave shape to the project and two unsuccessful attempts.
French warship maker DCNS will buy close to 15% stake in Nikhil Gandhi-promoted shipbuilder Pipavav Defence & Offshore Engineering for about Rs 1,350 crore.
"All domestic airlines have been increase the fuel surcharge by the same amount at more or less the same time," said Vijay Kumar, COO, EICI.
Experts say the volume of India's external trade handled by these ports has fallen to less than 60% from more than 75% until a few years ago.
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