Scindia Steam Navigation Co, once the pride of the Indian shipping industry, is selling its only ship.

The decision comes in the wake of the finance ministry's failure to put together a revival plan for the ailing company. The new board of the company has decided to sell the 27,000 deadweight tonne twin-decker.

Company officials denied any immediate plan to wind up its shipping business and said a decision would be taken after assessment of the company's net worth by the end of the month.