Mumbai: Essar Shipping Ltd. today announced that it has received approval from the Securities and Exchange Board of India (SEBI) for the listing of the company’s shares on the stock exchanges. This is pursuant to the demerger of the erstwhile Essar Shipping Ports & Logistics Ltd (ESPLL) into Essar Ports Ltd and Essar Shipping Ltd.
It is to be noted that in compliance with the Gujarat High Court approved demerger scheme, ESPLL had been renamed as Essar Ports Ltd and has been trading since 31st May 2011 on the NSE and BSE. The resultant company, Essar Shipping Limited, had been awaiting formal approval from SEBI for commencement of trading which has now been accorded. Essar Shipping Ltd. would also be listed on the NSE and BSE.
As per the scheme of arrangement approved by the Gujarat High Court, the shareholding of ESPLL had been split in the ration 2:1. For every three shares of ESPLL held, shareholders received two shares of Essar Ports, and one share of Essar Shipping.
Shipping, Logistics & Oilfields Services businesses
Essar Shipping Limited has a diversified fleet of 26 vessels, including VLCCs, Capesizes, Supramaxes, mini bulk carriers and tugs. The company has placed orders for 12 new ships, which are expected to join the fleet over the next 24 months. A sizeable part of the capacity is deployed on long-term contracts and COAs, insulating the company from the volatility of spot markets.
The Oilfields Services business provides contract drilling services to oil & gas companies across the globe. This business owns one semi-submersible rig and 12 land rigs. The company has ordered two new jack-up rigs, which will be joining the fleet over the next 18 months.
The Logistics business provides end-to-end logistics services – from ships to ports, lighterage services to plants, intra-plant logistics and dispatching finished products to the final customer. This business owns transshipment assets to provide lighterage support services, and onshore & offshore logistics services. It manages a fleet of over 5,000 trucks for inland transportation of steel and petroleum products.
About Essar Group
The Essar Group is a multinational conglomerate and a leading player in the sectors of Steel, Oil & Gas, Power, BPO & Telecom Services, Shipping, Ports, and Projects. With operations in more than 25 countries across five continents, the Group employs 75,000 people, and has revenues of USD 17 billion. For more information, visit www.essar.com.
For Media Queries
Manish Kedia, Sr. VP – Corporate Affairs, Essar Group,
Tel.: +91 98197 30092, email: firstname.lastname@example.org
Jatin Aggarwal, DGM-Corporate Communications, Essar Group,
Tel.: +91 99301 36303, email: email@example.com