The Hindu Business Line : India Steamship to add tonnage via acquisitions

India Steamship, a division of Chambal Fertilisers & Chemicals Ltd (CFCL), a K K Birla Group company, proposes to add tonnage through acquisitions of new and second-hand vessels.

The company has decided to place orders with Hyundai of South Korea for acquiring two Aframax tankers (105,000 dwt each) at a total cost of $130 million. An agreement on this is to be signed here shortly. The vessels will be due for delivery in 2008.

Arrangements have also been finalised for acquiring another Aframax tanker, a second-hand vessel, at an estimated cost of $76 million. The delivery is due in May this year.

Meanwhile, Mr Arun Sharma is to succeed Mr Ashok Kak as Executive President of ISS. Prior to joining ISS, Mr Sharma was employed in Great Eastern Shipping.

More Stories on : Shipping | Mergers & Acquisitions

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