October 07, 2014

Press Release No. 1

News about Shipping Corporation of India Limited & GAIL (India) Limited

The media had reports that "SCI, GAIL in Talks to Acquire, Run LNG Ships.”

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the companies.

Shipping Corporation Of India Limited has vide its letter inter-alia stated," Reference is drawn to the Corporate Announcement made by SCI on 10.06.2013 whereby it was informed that GAIL (INDIA) Limited and the Shipping Corporation of India Ltd (SCI) had signed a Memorandum of Understanding (MOU) to cooperate for transportation of LNG sourced by GAIL from USA. It may be noted that the said parties have signed an MoU for working together on the tendering process for the shipping requirement of GAIL's LNG import from USA. It is expected that about 9 to 11 LNG tankers would be required for this purpose. SCI has the option to exercise step-in rights to participate in the shipping venture with up to 26% share."

A copy of the clarification from GAIL (India) Limited is available on the NSE website (http://www.nseindia.com) under (Corporates>Corporate Information> Announcements).