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Pipavav Defence and Offshore Engineering plans to raise $150 million U.S. dollars (roughly Rs 892 crore) by listing on the London Stock Exchange (LSE) by October 2013, the company said. The capital raised will be invested in two subsidiaries and will also go towards reducing the company’s overall debt.
Great Eastern Shipping Co.’s operations in the June 2011 quarter (Q1) were affected by a slump in the global shipping market. Margins suffered as revenues grew at a lower rate than costs did.
Net profit (after minority interests) fell by 5.4%, despite higher other income and lower interest costs, which were offset by depreciation and a higher tax incidence.
The board of Chambal Fertilisers and Chemicals approved the demerger of its shipping business to a subsidiary India Steamship. In March 2011, the company had announced its intention to restructure the shipping business and has now formalised the structure.
ABG Shipyard is asking its shareholders to approve Rs 800 crore of investments and Rs 1,750 crore of corporate guarantees. That is a sizeable investment for the company which had a net worth of about Rs 1,080 crore as of March 31 2010. The company’s debt position as of March 31 2009 was Rs 1,771 crore. It has not indicated how it proposes to fund the investments but is taking shareholder approval because they exceed the limits approved under corporate law. Continue Reading →
Ship-builder Pipavav Shipyard announced the loss of a $36mn (Rs 165 crore) contract to build a Panamax vessel. The company said that Setaf sas, a French company, cancelled its order for building a 75,000 dwt panamax vessel. The vessel, to be delivered in 2009, was delayed because a Goliath crane required during construction was not built on time. Chinese workmen needed to install the crane were not available due to the change in government policy on issuing visas to Chinese workers.