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Essar Shipping Ports & Logistics
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NSE Announcements on Essar Shipping
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MMB MessengerTracked by: 0 Boarder
Essar Shipping Ltd. has informed the Exchange that the members of the Company at the Annual General Meeting held on September 27, 2008, have duly approved all the businesses as specified in the notice convening the meeting viz. :-1. Adoption of audited Profit & Loss Account for the year ended March 31, 2008 and the balance sheet as at that date together with the Report of the Directors and the Auditors thereon.2. Re-appointment of Mr. N. Srinivasan, Mr. Sanjay Mehta and Mr. Ravi Ruia as Directors of the Company, liable to retirement by rotation.3. Re-appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants as the Statutory Auditors of the Company to hold office from the conclusion of this years Annual general Meeting upto the conclusion of the next year Annual General Meeting.4. Appointment of Mr. K. V. Krishnamurthy and Mr. Dilip J. Thakkar as Directors of the Company.5. Re-appointment of Mr. Sanjay Mehta as Managing Director of the Company for a period of three years w.e.f. September 18, 2008.6. Revision in the remuneration payable to Mr. V. Ashok, Wholetime Director of the Company....
BSE Announcements on Essar Shipping
Posted by : MMB MessengerTracked by: 0 Boarder
Essar Shipping Ltd has informed BSE that the Annual General Meeting (AGM) of the Company was held on September 27, 2008....
Essar Ports Shipping and Logistics is in talks with a few global
Posted by : zoombusinessTracked by: 0 Boarder
Essar Ports Shipping and Logistics is in talks with a few global
container port operators for a tie-up to foray into container operations.
...
Essar Shipping
Posted by : zoombusinessTracked by: 0 Boarder
Essar Shipping Ports and Logistics has said that it will raise $1.9 billion by the end of this year for its various expansion plans.
The company has laid out an expansion plan worth $2.5 billion in the next three years. The amount would be invested with a mix of equity of $600 million and the rest through debt.
“We will raise the money by the end of this year. For the port business, we will borrow from Indian banks and for shipping and logistic businesses we will borrow from abroad,” Essar Shipping Ports and Logistics director Mr V Ashok said.
At present shipping contributes 65 per cent of revenues to the group. After 2010-11, Essar expects shipping revenue to come down to 50 per cent.
“Over the last year, we have reorganised our businesses from a mere shipping company. As shipping is a cyclical business, it becomes too difficult to manage,” he said.
So the company decided to enter the port sector, which would bring in revenues throughout the year and is looking at building terminals at ports. Simultaneously, it entered logistic business working for Essar Steel and Essar Oil.
“We have become an integrated player in India, which is unique. We have embarked upon to build a third-party logistic business. We want to expand logistics in a major way,” he said.
“We are looking at a variety of projects across ports and terminals,” Mr Ashok said.
The company is looking at building terminals not only in India, but also in Brazil, Vietnam and Africa as Essar group is investing in projects across the world.
The company has reentered the drilling business. It has 25 rigs and has bagged a long-term contract with GSPCL for gas exploration in KG basin for a contract of $318,000 a day.
Last year, Essar Shipping entered dredging, but solely for its own purpose. “Dredging will be a serious focus as a business. It is a huge inter-related activity. Going forward, if there are lots of opportunities coming in port side, we will look at all options,” Mr Ashok said.
-courtesy statesman...
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