Dr. Ravi K Mehrotra began his career as a marine engineering officer with Shipping Corporation of India Limited in 1964. On September 4, 1984, he created Foresight Group and stayed at the helm for almost 30 years. He cemented the group’s strengths and values over this period, allowing it to grow into a diverse, socially responsible, and profitable worldwide corporation.

On the cover of the recent edition of Maritime CEO, he talks about what he wants to do with the Shipping Corporation of India (SCI), if his attempt to buy the Asian flagship is successful.

Due to the uncertainty caused by the pandemic, he does not have a specific timeline for when the SCI decision would be announced. He added that the Indian government has decided to take the decision before March 2022. A transaction price of about $900 million is suggested, but he adds that this would depend on exactly what assets, such as real estate, are included.

The SCI fleet consists of 59 vessels. They include 18 oil tankers,13 product carriers, 15 dry bulk carriers, 2 containerships, 1 LPG/ammonia carrier, 8 offshore supply vessels, and 2 multi-purpose supply vessels, according to the sale prospectus. The fleet’s average age is 11.6 years, and its market value is $821.5 million. According to VesselsValue, the recycling value is estimated at $415.8 million(Excluding the 10 supply ships).

“India is the world’s second-largest oil importer, importing 5.4 million barrels a day,” he says. “However, they are also signatories to many climate agreements and cannot continue to burn coal and fossil fuels.”

As a result, he believes that the government will be forced to pursue LNG for the next 25 years at the very least.