Great Offshore, a port and terminal and offshore logistics player, has forayed into port management.
The pursue this, the company has signed definitive agreements for acquisition of 100 per cent equity stake in two companies — KEI — RSOS Maritime and Rajamahendri Shipping & Oilfeild Services.
The company will pump in Rs 160 crore for the deals. The transaction is on an all cash basis and is expected to close within two months from now.
In a statment to the Bombay Stock Exchange, the company said that the acquisition will provide it an entry into emerging opportunities in port and terminal administration which is a derivative business arisingn our of trade growth and port infrastructure development.
"The decision to acquirer an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earning," said Vijay K Sheth, vice chairman cum managing director of Great Offshore.
KEI and RSOS are in the maritime services business providing offshore support , single point mooring operations and port management services.
They have a diverse fleet of 9 offshore support vessels and 10 harbour tugs.
The companies have their presence in the east coast of India.
Motilal Oswal Investment Advisors were the financial advisors to the transaction while Luthra & Luthra were the legal advisors representing Great Offshore.
