Adani group to launch new shipping company

Mumbai: Gujarat Based Adani group has announced its intention to purchase up to three Panamax vessels in order to set up a self owned shipping company. The company, which currently charters an estimated 300 vessels a year, plans to fund the venture by issuing a foreign currency convertible bond for US $250m which will also be used to finance the acquisition of coal mines around the world and for the company's international trading business. Adani is currently in the process of constructing a ship-building and repair yard at Mundra Port.  [07/12/06]