Seaways Plans to Add Six Container Ships

Seaways Shipping Ltd, a Hyderabad-based maritime company, proposes to double its turnover to about Rs. 1,200 crore by the end of next fiscal (2008-09) by infusing funds through a Rs. 200-crore private equity (PE) and Rs. 500 crore of initial public offering (IPO). While the company has almost zeroed in on a single private equity investor to pump in the funds before the end of the current financial year, it plans to raise the IPO during 2008-09. P. V. K. Mohan, Chairman and Managing Director, reportedly said he planned to add six more container ships on the West Coast of India. Apart from adding container ships, the company planned to establish container freight stations at seaports and also in hinterland, increase freight forwarding services through air and sea, and add more containers. The company entered into a joint venture with a $5.2b German company, Rhenus, which had 200 warehouses in Europe, to share them, as multinational companies would need third party logistic support. [Source: http://www.hinduonnet.com]