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Reliance Natural Resources to begin its shipping project

Thursday, April 30, 2009 10:54 am
By ShareGyan.com NewsDesk

Reliance Natural Resources, led by Anil Dhirubhai Ambani Group is considering beginning its shipping project by purchasing about 6 ships in the subsequent 3 to 4 months. The company plans to disburse approximately Rs.2,000 crore for the project.

The ships will be utilized for carrying of coal for its 4,000 mw ultra mega power venture in Krishnapatnam from the global locations chiefly from Indonesia, where company has purchased 3 mines in the previous calendar year for about Rs.2,400 crore.

The decision will assist the company to slash the price of coal shipping that is an important element of the fuel price.

Tata Steel had also taken the similar decisions lately by signing a shipping alliance with Nippon Yasen Kabushiki Kaisha of Japan.

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