| Chennai-based bulk shipping company Goodearth Maritime (GML) has raised Rs 260 crore from IDFC Private Equity (IDFC PE). o3 Capital was the sole adviser to GML for this transaction. |
| The shipping carrier intends to use the money to fund a greenfield ship-building yard in Tamil Nadu and to make foray into the onshore and off-shore oil drilling sectors. |
| “We are in the process of making Goodearth Maritime a global shipping company with a strong ship-building base in India,” said GML Chairman P B Anandam. |
| The shipyard will have a capacity to build 25 to 30 ships a year and the estimated investment will be close to $500 million in the first phase. |
| Luis Miranda, president and CEO, IDFC PE, said, “We have a large portfolio in the transport sector, covering ports, airports, roads and logistics. GML fills the gap in the shipping and ship-building segments. This is our largest investment to date.” |
Source: Business Standard