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Greatship goes IPO route to raise funds for acquisitions

Greatship goes IPO route to raise funds for acquisitions

Mumbai: Greatship India Ltd (GIL), the five year old wholly-owned unlisted subsidiary of top Indian private sector shipowner Great Eastern Shipping Company (GESCO), is to float an initial public offering for raising funds to acquire assets for offshore services.
Any proposed offering and its timing would be subject to market conditions, and obtaining the necessary shareholder and regulatory approvals.
GIL and its subsidiaries operate in three main segments - drilling, offshore logistics and offshore construction. The average age of vessels under its command is approximately 2.51 years.
In the last two years, GIL has entered into alliances or partnerships with global service providers to in-charter rigs and offshore supply vessels of diverse types to service prospective requirements in India. By March 2013, GIL and its subsidiaries expect to have a total of 27 operating offshore/logistic assets.  [23/03/10]

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