GML raises Rs 260 cr for ship-building

Chennai-based bulk shipping company Goodearth Maritime (GML) has raised Rs 260 crore from IDFC Private Equity (IDFC PE). o3 Capital was the sole adviser to GML for this transaction.

The shipping carrier intends to use the money to fund a greenfield ship-building yard in Tamil Nadu and to make foray into the onshore and off-shore oil drilling sectors.

"We are in the process of making Goodearth Maritime a global shipping company with a strong ship-building base in India," said GML Chairman P B Anandam.

The shipyard will have a capacity to build 25 to 30 ships a year and the estimated investment will be close to $500 million in the first phase.

Luis Miranda, president and CEO, IDFC PE, said, "We have a large portfolio in the transport sector, covering ports, airports, roads and logistics. GML fills the gap in the shipping and ship-building segments. This is our largest investment to date."