Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

India-Iran company liquidated as sanctions bite

[April 11, 2013]  NEW DELHI (AP) -- A government official says India will get control of six ships following a decision to dismantle a joint Iranian-Indian shipping company hit by international sanctions on Iran.

The company was finding it difficult to get customers or insurance for its ships because of the sanctions. Last week, the Indian government agreed to close down the 39-year-old joint venture.

The official said Thursday that the state-owned Shipping Corporation of India will take over six of the seven vessels belonging to the Iran-O-Hind company.

The official spoke on condition of anonymity because he was not authorized to speak to the media.

Western countries have imposed sanctions on Iran to deter it from pursuing a nuclear weapons program. Iran insists its nuclear program is for peaceful purposes.

[Associated Press; By NIRMALA GEORGE]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.