Global Vectra embarks on expansion plan; to induct Eurocopt

Mumbai, Jun 27 (UNI) Global Vectra Helicorp Ltd (GVHL), India's largest dedicated off-shore air logistic support helicopter company today announced its Rs 180 crore capital expenditure plan to enhance its present fleet of 18 to 24 by March, 2008.

Addressing a press conference after unveiling the company's financial results here, GVHL Chairman Lt Gen (Retd) S J S Saighal, has disclosed that the company would induct six more helicopters including two Eurocopters soon.

''We have already ordered one Eurocopter and the other one is expected by next month,'' Mr Saighal said.

According to him, the company has decided to raise 85 per cent of the required (Rs 180 crore) capital through banks or financial institutions and the remaining either internal accruals or private sources.

Mr Saighal however ruled out any public offering for the same.

GVHL, part of the UK-based Vectra Group and leading provider of helicopter services to India's Oil and Gas sector said the company looks for a bright future in view of the continuos growth in the Oil and Gas sector.

The State-run Oil and Natural Gas Commission (ONGC) tops among the GVHL's client list followed by Reliance Industries Limited and few others.

GVHL listed on the BSE and NSE has posted a net profit of Rs 2.86 crore in the fourth quarter ended March 2007 on a total income of Rs 44.26 crore.

GVHL posted a net profit 12.50 crore for the year ended March 2007, a jump of 95.81 per cent as compared to Rs 6.38 crore posted in the same period in the corresponding period last year. Income from operations of the company rose by 66.67 per cent to Rs 149.79 crore as against Rs 89.87 crore a year ago. Earnings per share for the full year (2006-07) stood at Rs 10.03 as against 5.70 in financial year 2006, a jump of 75.96 per cent.

UNI