Essar Shipping Ports & Logistics Earned $280m by Selling Bonds (India)
Essar Shipping Ports & Logistics has raised $280m by selling convertible bonds to its parent company, which will be used to acquire ships and expand ports.
The parent company, Essar Shipping & Logistics, bought the five-year bond for $150m and another $130m for a seven-year security period.
The company is also considering increasing investment in its port unit by 77% to $1.78bn by 2013.
The Indian marine transport company operates a fleet of 25 ships and has ordered 12 more vessels for its expansion.
Source: ship-technology, August 11, 2010;