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The second largest private shipping by fleet size in India, named the Mercator Lines, has recently informed that it is planning to make a huge investment of Rs 4,000 crore for buying a number of four dredgers and four dry bulk cargo carriers before the month of March 2009. The company officials have made the announcement on Thursday and said that the company is also thinking of expanding its business further.
The company has released an official statement for informing the Bombay Stock Exchange regarding its plans and one of the top officials from the company said, "We would place orders for four or five more dredgers from Europe before March 2009. We would buy four dry cargo carriers from resale and place orders for four more". The official said that the company is not seeing any problem for funding the expansion plans as the balance sheet of Mercator is strong enough to bear that. The official added, "We can get a loan up to 75 per cent of Rs 4,000 crore".
The sources from the industry have informed that the Mercator Lines did make a venture into dredging about six months ago, through the acquisition of three second-hand dredgers. The sources added that the company has already placed an order for 1 more dredger from China and it has made an investment of about Rs 400 crore in the purchase of these dredgers, so far. The sources further informed that the dredgers are deployed with the Dredging Corporation of India.
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| Posted : 4/11/2008 |
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