| Essar Shipping may become logisitics firm |
| BS Reporter / Mumbai January 23, 2008 |
| Essar Shipping may soon become the integerated logistics company of the Ruia Group. According to a release issued by Essar Shipping to the BSE today, the plan is shift the drilling and exploration business of Essar Oilfields Services, ports and terminals to Essar Shipping. With interests in dry bulk ports and oil terminals, crude and dry bulk carriers, port-to-plant logistics, and oilfield services, the re-organisation will enable Essar Shipping to provide end-to-end solutions to customers. The board, which met yesterday, passed a resolution constituting a reorganisation committee, and authorised it to explore the best means to implement the reorganisation, the release added. The committee was also authorised to appoint financial advisors, legal advisors as well as independent valuers to recommend swap ratios and acquisition values for any mergers or arrangements that may be considered by the re-organisation committee. "The re-organisation/consolidation will aim to align all Essar Group |
