Greatship (India) Ltd (GIL), a wholly-owned-arm of Great Eastern Shipping Company Ltd, will acquire complete ownership of its Singapore subsidiary, Greatship Global Energy Services Pte.
"Board of Directors of Greatship (India) Limited (GIL), a wholly owned-subsidiary of the company (Great Eastern Shipping Company Ltd), at its meeting held on January 6, 2017 approved acquiring full ownership of its Singapore subsidiary, Greatship Global Energy Services Pte Ltd (GGES)," Great Eastern Shipping said in a filing to BSE.
GIL currently owns a partial stake in GGES, with the rest being held by Greatship Global Holdings Ltd, Mauritius (GGHL), a wholly-owned subsidiary of GIL, the filing said.
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The proposed acquisition, which would be subject to requisite statutory approvals, is expected to have only a very marginal (if any) impact on cash flow, the filing said.
The proposed acquisition does not offer any benefit to the promoters, promoter group companies in any way.
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