Siva Ventures acquires J B Ugland for Rs 1,200 cr

Subscribe to Oneindia News

New Delhi, Feb 19 (UNI) Siva Ventures Limited (SVL), the flagship company of the two billion dollar Sterling Infotech Group, today said it has acquired the Norwegian shipping firm J B Ugland Shipping AS (JBUS) from J B Ugland Holding AS for a total consideration of about 1,200 crores (300 million dollars).

The transaction was agreed in January 2008 and closed on 15 February 2008, said a statement.

As part of the transaction the incumbent management of JBUS, led by its CEO Mr Bjorn Bergsland, will continue to manage the company and as part of the negotiated deal the company has the rights to use the brand name of JBUS for three years and will continue trading under the J B Ugland name following the acquisition.

''This acquisition will propel the Sterling Group's business plans within the shipping and logistics industry,'' said the statement.

UNI PBB BD1653

Please Wait while comments are loading...