GE Shipping pumps in Rs 590 cr in GIL

New Delhi, June 27: Great Eastern Shipping Company Ltd today said it will invest Rs 590 crore towards equity contribution in its wholly-owned subsidiary, Greatship India Ltd (GIL).

Of the total, Rs 305 crore has already been infused towards equity subscription at a premium of Rs 90 per share, a statement said, adding that GIL is pursuing business opportunities in the offshore oil field services business.

GIL wholly-owned subsidiary, Singapore-based Greatship Global Offshore Services Pvt Ltd, has signed a contract for two new building Anchor Handling Tug cum Supply Vessels (AHTSVs), it stated.

The orders with Colombo Dockyard Ltd are scheduled to be delivered one each during the last quarter of 2008-09 and first quarter of 2009-10. This brings the total new building order book of GIL at ten Offshore Supply Vessels to be delivered over the next two years.

UNI