- The Budget announcement on shipbuilding being exempted from excise duty, with resultant removal of CVD on import of ships, is a positive for the Indian shipping industry.
- The proposed support for various infrastructure industries such as Power etc. will be a positive for the Shipping industry, given the growing need for import of coal..
- The focus on Policy formulation in the oil & gas sector, together with the emphasis on NELP blocks development, will be a positive for the Oilfields Services business.
- General investment improvement in infrastructure and other industries, including Ports, could lend support to shipping freights.
- The increase in surcharge on corporate tax from 5% to 10% will have an adverse impact.
- There is likely adverse impact from the increase in tax on payment of Royalty / technical fees, subject to DTAA.
About Essar Shipping
The Shipping Business of Essar Shipping Limited operates a diversified fleet of 26 vessels, including VLCCs, Capesizes, MiniCapes, Supramaxes, mini bulk carriers and tugs. A sizeable part of the capacity is deployed on long-term contracts and COAs, insulating the company from the volatility of spot markets.
The Oilfields Services business provides contract drilling services to oil & gas companies across the globe. This business owns one semi-submersible rig and 12 land rigs. The company has two new jack-up rigs on order.
The Logistics business provides end-to-end logistics services, including intermodal transportation. It manages a fleet of over 4,200 trucks.About Essar
Essar is a multinational conglomerate and a leading player in the sectors of Steel, Energy, Infrastructure and Services. With operations in more than 25 countries across five continents, the Group employs 75,000 people, and has revenues of USD 17 billion.
For Media Queries
Jatin Aggarwal, Corporate Communications – Mumbai, Essar , +91 99301 36303 , email@example.com
Ashutosh Srivastava, Corporate Communications- Delhi, Essar , +91 9811739010, Ashutosh.firstname.lastname@example.org