Essar Shipping board nod to sell old vessels, buy new

Essar Shipping today said its board has approved a resolution to sell older vessels and buy new vessels for the company.

"Board of Directors of the company has passed the enabling resolution to sell older vessel(s) and/or buy younger vessel(s) for the company," Essar Shipping said in a filing to the BSE.

It said the board of directors in its meeting today also authorised "severally to Ranjit Singh, Executive Director & CEO, Vikram Gupta, Chief financial Officer, and Awaneesh Srivastava, Company Secretary, (Key Managerial Personnel) to decide materiality of an invent/information and for the purpose of making disclosure to the Stock Exchange (s)." Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.

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