State Trading Corporation (STC) has invited tenders from companies as it is planning to take marine insurance for 0.45 million tons of imported urea, reports Business Line.

The company is planning to take `Marine Open Insurance Cover` for 0.45 million tons of urea imported from Kuwait, Saudi Arabia, Abu-Dhabi, Dubai and Singapore.

The bids would close on November 17 and the decision on the tender would be taken on the same day, STC said. According to tender, the imported urea is expected to reach Indian ports by December 15.

The cover would be on port-to-port basis and the total value of import is about Rs 6.01 billion. Insurance companies which are registered with and licensed by Insurance Regulatory and Development Authority (IRDA) can participate in the bidding process, STC said, adding that it would accept only one quote per insurance company.

STC said that the bottom limit would be about Rs 550 million and limit per location would also be the same amount. It further noted that insurance companies should not charge overage premium for vessels aged up to 25 years and they should also appoint surveyor licensed by IRDA at the discharge port at their own cost.

Shares of the company gained Rs 6.75, or 5.57%, to settle at Rs 128. The total volume of shares traded was 78,468 at the BSE (Wednesday).