Profits Boost Essar’s Expansion Plan

31 May 2010 (Last Updated May 31st, 2010 18:30)

Buoyed by a Rs940m ($20m) annual profit, Essar Shipping Ports & Logistics is planning to invest Rs48.75bn ($105m) in expansion plans in 2010. The Indian shipping firm will invest in port development, shipping and drilling operations, according to commodityonline.com. The compa

Buoyed by a Rs940m ($20m) annual profit, Essar Shipping Ports & Logistics is planning to invest Rs48.75bn ($105m) in expansion plans in 2010.

The Indian shipping firm will invest in port development, shipping and drilling operations, according to commodityonline.com.

The company said it will raise 70% of the proposed expansion through debt and the remaining 30% through equity.

Essar has approved raising Rs23.5bn ($506m) through equity investment, including foreign currency convertible bonds, depository receipts and ADR.

The company reported a 16% rise in its revenue for the financial year ending 31 March compared to the previous year.