Mumbai based shipping company Shreyas Shipping and Logistics Limited (Shreyas), part of Transworld Group, has decided to acquire 99.99% stake in Dubai-based Balaji Shipping Lines from Transworld Holding Limited.
The move was approved at a board meeting held on March 9 and the acquisition will be carried out though issuance of Shreyas shares to Transworld Holding Limited.
“This transaction would enable SRS to serve beyond Indian boundaries by synergizing with BSL Dubai and expanding in international liner operations. It would also provide global presence to SRSL and in turn to Shreyas,” the company said in an announcement.
Balaji Shipping is a liner operator with a presence in UAE, Saudi Arabia, Oman and UK through its subsidiaries. It specializes in the transportation of refrigerated and dry cargo between the Indian subcontinent and Middle East and has a network of agents in 17 countries.
Bombay-listed Shreyas Shipping has a fleet of 9 vessels with a capacity of over 13, 500 TEUs sailing to the Middle East and Bangladesh.