Shipping Corp. of India Plans to Buy Shipyard Stake to Diversify Revenue

Shipping Corp. of India Ltd., the nation’s largest sea carrier, plans to purchase a stake in a shipyard to diversify its business after profit and sales slumped last year. The state-owned company has asked shipbuilders to submit proposals, Chairman and Managing Director S. Hajara said in a phone interview today without elaborating. “Without shipyards, there will be no shipping companies,” Hajara said. “It’s a backward integration for any shipping company.”