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Shipping Corporation of India ends Iran JV over UN sanctions

Irano Hind Shipping Co, a joint venture between Shipping Corporation of India (SCI) and an Iranian shipping company, has announced it will close operations following the UN sanctions against Tehran, Press Trust of India has reported. The JV between SCI and Islamic Republic of Iran Shipping Lines was incorporated in 1975 with its registered office in Iran, following an agreement between Indian and Iranian governments in 1974 to boost economic cooperation. "Finding gainful employment and charters for the fleet was getting difficult following the UN sanctions and hence it has been decided that the company will cease operations," said SCI chairman and managing director, S Hajara.