Mumbai: Country's second largest private shipping firm by fleet size Mercator Lines has lined up an investment of Rs 4,000 crore to buy dredgers and dry bulk cargo carriers, a top company official said.
"We would place orders for four or five more dredgers from Europe before March 2009. We would buy four dry cargo carriers from resale and place orders for four more,'' the official said.
Six months ago, the company ventured into dredging by buying three second-hand dredgers and has placed an order for one more dredger from China. The company has invested about Rs 400 crore in the purchase of these dredgers, which are deployed with Dredging Corporation of India.
Explaining the rationale behind entering the dredging business, the official said, "There is a huge scope for dredging in Southeast Asia because lots of ports are coming up and the existing ports want to deepen to attract bigger ship.''
The company would go for different types of dredgers in its portfolio. The company plans to place orders from Europe for its new dredgers because there are some quality problems with Chinese dredgers, he said.
Similarly, the company plans to add eight dry cargo vessels to its existing fleet of bulk carriers. "The funds for its expansion plans would not be a problem because Mercator's balance sheet is strong. We can get a loan up to 75 per cent of Rs 4,000 crore,'' the official added.
"We would place orders for four or five more dredgers from Europe before March 2009. We would buy four dry cargo carriers from resale and place orders for four more,'' the official said.
Six months ago, the company ventured into dredging by buying three second-hand dredgers and has placed an order for one more dredger from China. The company has invested about Rs 400 crore in the purchase of these dredgers, which are deployed with Dredging Corporation of India.
Explaining the rationale behind entering the dredging business, the official said, "There is a huge scope for dredging in Southeast Asia because lots of ports are coming up and the existing ports want to deepen to attract bigger ship.''
The company would go for different types of dredgers in its portfolio. The company plans to place orders from Europe for its new dredgers because there are some quality problems with Chinese dredgers, he said.
Similarly, the company plans to add eight dry cargo vessels to its existing fleet of bulk carriers. "The funds for its expansion plans would not be a problem because Mercator's balance sheet is strong. We can get a loan up to 75 per cent of Rs 4,000 crore,'' the official added.
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