| Varun Shipping plans Rs 1600cr expansion |
| BS Reporter / Mumbai January 23, 2008 |
| Varun Shipping Company has earmarked around Rs 1,600 crore ($400 million) as capital expenditure for the calendar year ending December 31, 2008. This would be used for acquisition of additional ships. Varun, riding the wave of increased freight rates, posted an 85.96% increase in net profit at Rs 73.68 crore for the third quarter ended December 31, 2007 when compared with Rs 39.62 crore during the same quarter last fiscal. Yudhisthir Khatau, managing director, Varun Shipping, said: "The expenditure will be for consolidation of our oil, gas and offshore activities, and for acquisition of vessels. This would be mainly raised from internal accruals and refinancing of the company |
