GE Shipping demerger still in choppy seas.
Economic Times (New Delhi, India), June, 2006
Jun. 5--NEW DELHI/MUMBAI, India -- The confusion surrounding the demerger of GE Shipping continues. Even as ONGC's new CMD RS Sharma was quoted as saying that the PSU giant would clear the demerger, industry sources said that the conditions insisted on by ONGC were unacceptable to the GE Shipping board.
Further, complicating the proposed demerger is the fact that the Kolkata Port Trust has raised similar objection to that of ONGC. Also, GE Shipping's move to enter the offshore services industry segment is believed to have resulted in a divergence of interest between the two factions of the Sheth family, according to industry sources.
The formation of a new company, Great Offshore (GOL), through the demerger process was intended to resolve the ownership...
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