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Great Offshore diversifies into port management

Great Offshore diversifies into port management

Mumbai: India's Great Offshore has signed an agreement to penetrate the port and terminal administration sector through the purchase of two Andhra Pradesh-based companies at a cost of Rs 160crore ($40m). In a statement to the Bombay Stock Exchange, the trade growth and port infrastructure expert stated that it expects to conclude acquisition the  of 100% of the shares for KEI-RSOS Maritime and Rajmahendri Shipping & Oilfield Services in the next two months.

The new purchases will give Great Offshore control of KEI and RSOS' fleet of nine offshore support vessels and 10 harbour tugs in addition to their goodwill in the offshore support, single point mooring operations and port management sectors.

"The decision to acquire an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earning," the Business Standard reports Great Offshorevc and md Vijay K Sheth as saying.  [02/09/08]