TCI Seaways merges with TCIL

Mumbai, Sept 25 (UNI) Transport Corporation of India (TCI), a leading integrated supply chain and logistics solutions provider, today announced the completion of the merger process of TCI Seaways (TCISL), an unlisted group company engaged in coastal and international cargo movement with the company.

As a result of the merger, the EPS (earning per share) has marked a northward leap from Rs 15.27 per share to Rs 19.78 per share, in spite of an increase in equity base, showing a remarkable jump of 29 per cent.

The company has aggressive plans to invest Rs 450 crore over the next four years. In the first phase, to part finance this Capex, an additional equity to the tune of Rs 50 crore would be raised in the current fiscal, a TCI release informed.

''With the merger of TCI Seaways, we have become an all-encompassing Group offering multi modal logistics solutions to our customers, via road, air, sea, rail. It has also strengthened our position as an integrated supply chain and logistics solutions provider in the country. Our shipping business has been consistently showing impressive growth and we plan to make it one of the key focus areas of our business,'' Executive Director Mr Vineet Agarwal said.

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