Essar Raises $280m for Expansion Programme

9 August 2010 (Last Updated August 9th, 2010 18:30)

Essar Shipping Ports & Logistics has raised $280m by selling convertible bonds to its parent company, which will be used to acquire ships and expand ports. The parent company, Essar Shipping & Logistics, bought the five-year bond for $150m and another $130m for a seven-year securi

Essar Shipping Ports & Logistics has raised $280m by selling convertible bonds to its parent company, which will be used to acquire ships and expand ports.

The parent company, Essar Shipping & Logistics, bought the five-year bond for $150m and another $130m for a seven-year security period.

The company is also considering increasing investment in its port unit by 77% to $1.78bn by 2013.

The Indian marine transport company operates a fleet of 25 ships and has ordered 12 more vessels for its expansion.