Wednesday, February 20, 2008

NRI making global mark

NRI businessman S Sivasankaran, who hit the headlines in 2005 by selling his telecom business Aircel to Maxis of Malaysia for $800 million, has acquired a Norwegian shipping firm, JB Ugland Shipping (JBUS), for Rs 1,200 crore. Mr Sivasankaran, who now heads the diversified Siva Ventures as the group chairman, confirmed the development.
Mr Sivasankaran told ET that the group has identified shipping as a key business area considering its growth potential. “For shipping of bulk commodities, the demand from India is likely to see an explosive growth on the back of the increased raw material demand for the new power and oil refining projects coming up in India, a large number of which are based on imported raw materials,” said Mr Sivasankaran.
JBUS is a Norway-headquartered shipping company with a fleet of 40 owned and long-time chartered vessels with an aggregate capacity of approximately 2 million deadweight tonnage (DWT). The company’s fleet consists of a mix of tankers and chemical and bulk carriers. The fleet has an average life of approximately four years. It is also acquiring new vessels which will be delivered in phases over the next three years. The company’s main operations are centered in Oslo, Norway and Singapore.
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