Goodearth Maritime gets Rs 260cr from IDFC PEBS Reporter / Mumbai December 21, 2007Goodearth Maritime (GML), a Chennai-based bulk shipping company, has raised Rs 260 crore from IDFC Private Equity (IDFC PE). o3 Capital was the sole advisor of GML for the transaction. The company intends to use the money to fund a greenfield ship building yard coming up in Tamil Nadu as well as foray into the onshore and offshore drilling sector. The estimated investment in the shipyard would be close to $500 million in the first phase with a capacity to build 25-30 ships a year. "We are in the process of making Goodearth Maritime a global shipping company with a strong shipbuilding base in India," said P B Anandam, chairman, GML. Luis Miranda, president and CEO, IDFC PE, said: "We have a large portfolio in the transport sector covering ports, airports, roads and logistics, and GML fills the gap in terms of the shipping and ship building sector. This is our largest investment to date." Goodearth has five bulk carriers with a combined capacity of 2.3 lakh dwt (dead weight tonnage). GML will spend about Rs 1,750 crore over the next 8-10 years for acquiring bulk carriers. GML
