Mercator Lines is planning to raise $150 million via IPO sale of coal mining unit and with this regards the company is planning to appoint investment bankers for the IPO.
Recently, Mercator Lines Singapore subsidiary had successfully commissioned the Floating Production Unit (FPU) project with the production of oil from the EBOK field. The company had signed a 7 year contract to charter out FPU to Afren PLC, UK at their EBOK field in Nigeria. The commissioning of the contract will substantially add to the consolidated revenues of the group over a period of 7 years.
Mercator Lines is India’s second largest private sector shipping company. It is engaged in providing sea-borne transportation services. The company has diversified its business into coal mining.
