SCI JV may not come through

MoST sources said the ministry was non-commital about permission to SCI8217;s proposal to set-up a joint venture transportation firm with Precious Shipping Ltd 8211; a subsidiary of G Premji Group of Thailand 8211; and Nectar Holdings of Mauritius. In fact, it is in touch with the Indian embassy in Singapore to seek information about the financial credentials of the Thai and Mauritian firms particularly about their ownership.

While the ministry officials describe the move to look into the antecedents of the two companies as a quot;precautionary measure for the first joint venture in this sectorquot;, the move is significant as a close associate of a former Congress minister is suspected to have played a significant part in the getting the three partners together. However, the SCI denies this.