Mercator Lines to invest Rs 4,000 cr

Mercator Lines, India's second largest private shipping by fleet size has lined up an investment of Rs 4,000 crore to buy four dredgers and four dry bulk cargo carriers before March 2009. 

"We would place orders for four or five more dredgers from Europe before March 2009. We would buy four dry cargo carriers from resale and place orders for four more," an official from Mercator Lines told PTI on Thursday.

The funds for its expansion plans would not be a problem because Mercator's balance sheet is strong. We can get a loan upto 75 per cent of Rs 4,000 crore, the official added.

Six months ago, Mercator ventured into dredging by buying three second-hand dredgers and has placed an order for 1 more dredger from China. The company has invested about Rs 400 crore in the purchase of these dredgers, which are deployed with Dredging Corporation of India.