Varun Shipping Company Ltd has informed that the Company has in order to expand its asset base in the hydrocarbon sector, entered into a Memorandum of Agreement (MOA) for acquiring a Very Large Gas Carrier (VLGC) having a cargo carrying capacity of approximately 76,644 cbm. The Company will be the first Indian shipping Company to acquire a VLGC. This VLGC is scheduled to be delivered in June / July, 2007 and will be the largest gas carrier to be registered under the Indian flag.
The Company has on December 18, 2006 acquired Large Gas Carrier, LPG/C Maharshi Vamadeva. Further, the aframax crude tanker for which Company has entered into Memorandum of Agreement is scheduled to be delivered by January 15, 2007.
With the acquisition of above mentioned vessels, Company would have completed an investment of around USD 200 million out of the proposed expansion plan of USD 400 million.
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