Great Eastern Shipping Company’s (GE Shipping) wholly owned-subsidiary - Greatship (India) (GIL), has received an approval for acquiring full ownership of its Singapore subsidiary, Greatship Global Energy Services (GGES). The board of directors of GIL at its meeting held on January 06, 2017 has approved for the same.
GIL currently owns a partial stake in GGES, with the rest being held by Greatship Global Holdings, Mauritius (GGHL), a wholly-owned subsidiary of GIL. The proposed acquisition, which would be subject to requisite statutory approvals, is expected to have only a very marginal (if any) impact on cash flow.
Great Eastern Shipping Company is India’s largest private sector shipping company. The company’s major businesses include shipping and offshore.
