SCI plans to raise USD 500-600m in FY12 via ECBs
Shipping Corporation of India, India's largest shipping services firm, plans to raise USD 500-600 million through external commercial borrowings in FY12 to fund expansion, a top executive told reporters late on Monday.
Shipping Corporation of India, India's largest shipping services firm, plans to raise USD 500-600 million through external commercial borrowings in FY12 to fund expansion, a top executive told reporters late on Monday.
"Every year we go in for some external commercial borrowings, we have so far been able to pick up finances at very good rates," B.K. Mandal, director (finance) said.For FY12, the company has earmarked a capex of Rs 37.6 billion, and expects to add 17 ships during the year to its existing fleet of 79 vessels.The firm has lined up a capex of USD 1.6 billion till 2015/16 for 31 vessels on order having a total capacity of 2.02 million DWT.Mandal said the firm typically funds 80 percent of its annual capex through borrowings.The shipping firm reported a net loss of Rs 61.7 million for the March quarter, compared with a net profit of Rs 1.36 billion a year ago, as its liner segment slipped into the red during the reporting quarter.However, it reported a 50.5% jump in FY11 net profit to Rs 5.67 billion. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
