A. Saye Sekhar

Plans Rs. 500 cr. initial public offering in 2008-09

HYDERABAD: Seaways Shipping Ltd, a Hyderabad-based maritime company, proposes to double its turnover to about Rs. 1,200 crore by the end of next fiscal (2008-09) by infusing funds through a Rs. 200-crore private equity (PE) and Rs. 500 crore of initial public offering (IPO).

While the company has almost zeroed in on a single private equity investor to pump in the funds before the end of the current financial year, it plans to raise the IPO during 2008-09.

P. V. K. Mohan, Chairman and Managing Director, said he planned to add six more container ships on the West Coast of India.

Apart from adding container ships, the company planned to establish container freight stations at seaports and also in hinterland, increase freight forwarding services through air and sea, and add more containers.

The company entered into a joint venture with a $5.2-billion German company, Rhenus, which had 200 warehouses in Europe, to share them, as multinational companies would need third party logistic support.