MUMBAI, India – A shipping company backed by the governments of India and Iran says it will close because of anti-Iran sanctions.
The Shipping Corp. of India, which holds a 49 percent stake in the Irano Hind Shipping Co., says sanctions have made it too difficult to deploy its vessels.
Shipping Corp. managing director S. Hajara says Irano Hind will cease operation and its fleet will be split between his company and the Islamic Republic of Iran Shipping Lines, which holds the remaining stake.
He says the decision was made at an Irano Hind board meeting last week and must be approved by the two governments and the United Nations.
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