State-run Shipping Corp of India has put orders worth about $1 billion on hold due to the slowdown but its long-term plan to buy 40 vessels was on track, a top official said at an industry conference on Tuesday.
The firm, which has an order pipeline for 29 new vessels had earlier planned to buy eight ships in the current fiscal, which it has now deferred to the next year, Chairman and Managing Director Sabyasachi Hajar told reporters.
"We are waiting. If the downturn continues, we will see a correction in the asset value. So, after 3 months... 6 months... we'll go ahead," he said on the sidelines of the conference.
The firm, which has an order pipeline for 29 new vessels had earlier planned to buy eight ships in the current fiscal, which it has now deferred to the next year, Chairman and Managing Director Sabyasachi Hajar told reporters.
"We are waiting. If the downturn continues, we will see a correction in the asset value. So, after 3 months... 6 months... we'll go ahead," he said on the sidelines of the conference.