GE Shipping demerger plan set to face twists & turns.
Economic Times (New Delhi, India), June, 2006
Jun. 3--NEW DELHI -- The saga of the demerger of India's largest private sector shipping company, Great Eastern Shipping, seems set to experience some more twists and turns. While the company informed the Bombay Stock Exchange (BSE) that it was negotiating with one of its stakeholders (ONGC as reported by ET in March), indications are that ONGC may be considering softening its earlier stance.
In a notice to the BSE on Friday, GE Shipping said that one of the 'contracting counter-parties' with which its offshore division (which is to be demerged into a separate company called Great Offshore) had signed a contract, was insisting that GE Shipping should continue to be responsible for the performance and execution of the contract.
ONGC had insisted on the...
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