GOL rules out merger with BSL

Aug 11, 2010 |

Correspondent

Mumbai, Aug. 10: There are no plans at present to merge Great Offshore Ltd (GOL) with Bharati Shipyard, its current promoter. The oil field services firm is also acquiring 5-6 new vessels, which will join its fleet over the next 12-15 months, said Mr P.C. Kapoor, executive dir-ector. He was speaking at the annual general meeting of Great Offshore, the first under the new management.

The two managing directors of Bharati Shipyard, Mr PC Kapoor and Mr Vijay Kumar, are now also serving as executive directors on the board of Great Offshore.

Bharati Shipyard had acquired a controlling stake in Great Offshore in 2009, when it invoked a pledge on then promoter Mr Vijay Sheth’s shares pledged with itself. It subsequently had a long battle with ABG Shipyard for control of the firm. Great Offshore on Tuesday also declared its first quarter financial results.

The company recorded a net profit of Rs 26.7 crore versus Rs 22.2 crore last year. Income from operations stood at Rs 235.9 crore, down about 4 per cent.

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