Japanese shipping firm Mitsui OSK Lines buying strategic stake in 6 VLECs of Reliance Industries
Japan-based shipping company Mitsui OSK Lines Ltd has agreed to acquire a strategic stake in six group companies, each owning a very large ethane carrier, of Mukesh Ambani-owned Reliance Industries Ltd.
RIL said Singapore-based unit Reliance Ethane Holding Pte. Ltd has signed binding definitive agreements with Mitsui OSK Lines and a strategic minority investor for a strategic investment.
The deal is subject to regulatory approvals.
“Given MOL is currently the operator of all the six VLECs, investment by MOL will deepen our relationship with them and ensure continued safe and efficient operations of the VLECs,” said PMS Prasad, executive director, RIL. “We welcome MOL as a strategic partner into the SPVs as they move beyond the current operator role to joint owner and operator role in the SPVs.”
Takeshi Hashimoto, executive vice president, Mitsui OSK Lines said the strategic investment will add six unique VLECs to the company’s fleet. Mitsui OSK Lines currently has fleet of over 850 vessels, including LNG carrier, other tankers, dry bulkers, car carriers, ferries and coastal RoRo ships and cruise ships, Hashimoto added.
Source: CNBC TV18