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Our Bureau

Mumbai Oct. 29

Great Eastern Shipping Co will be subscribing to the equity of its wholly owned subsidiary, Greatship (India) Ltd, to the extent of Rs 250 crore.

The subsidiary is engaged in the offshore business, after the parent company de-merged its original offshore division into a separate outfit, Great Offshore Ltd.

Investment

Greatship India has an order book of nine offshore vessels and one jack-up rig, which require a total investment of $383 million. Of this, $17 million has already been funded, with the first of the offshore vessel it acquired at present operating in the North Sea.

To fund the remaining acquisition, GE Shipping will be subscribing to the equity of Greatship to the extent of Rs 250 crore. In other words, GE Shipping will be pumping in an investment of Rs 250 crore into its subsidiary to fund the acquisition programme. GE Shipping is at present sitting on cash reserves of Rs 1,500 crore.

More Stories on : New Projects | Shipping | Petroleum

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