GE approves subscriptions worth Rs 250 cr

New Delhi, Oct 28: Great Eastern Shipping Company Ltd (GE Shipping) today said the company has approved subscribing to the equity of its wholly owned subsidiary, Greatship (India) Ltd to the extent of Rs 250 crore.

The Board of Directors of the company at its meeting held yesterday decided the aforesaid funds will be utilised by Greatship financing its assets acquisition programme.

The company had recently announced that Greatship (India), has contracted to buy four 80T anchor handling tug cum supply vessels (AHTSV) being built by Labroy Shipbuilding and Engineering, Singapore.

According to the media reports, the company also plans to spend 506 million dollars by December 2009 on fleet expansion.

UNI