Shreyas Shipping to Raise Funds for Fleet Expansion

28 October 2010 (Last Updated October 28th, 2010 18:30)

Shreyas Shipping and Logistics in India is planning to raise Rs1bn ($22.46m) in the next eight months to help fund its vessel expansion programme. The company, which is considering a debt to raise the funds, said it will use the proceeds to buy vessels and establish warehousing faciliti

Shreyas Shipping and Logistics in India is planning to raise Rs1bn ($22.46m) in the next eight months to help fund its vessel expansion programme.

The company, which is considering a debt to raise the funds, said it will use the proceeds to buy vessels and establish warehousing facilities.

The company also has plans for a possible acquisition of a logistics company in the country.

Shreyas unveiled plans to buy two container vessels and acquire a 100,000ft² warehousing space in the near future, according to The Economic Times.