Essar Shipping, Ports and Logistics (ESPLL) has today announced it plans to demerge its shipping, logistics and oilfield services business into a seperate entity. This demerger will create two entities called Essar Ports and Essar Shipping, and both these companies will be listed on the stock exchanges after necessary approvals.
The company says the port business has carved a niche for itself, with capacity of 76 million tonnes per annum (mtpa). The ports business expects to increase its capacity to 158 mtpa in 2013. With these growth plans, the Essar Group believes the company can exist on its own. The management also believes that this demerger will help both the companies get a better valuation.
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