Sterling Info Buys Norwegian Co
Sterling Info Now ready to Sail : The 100 per cent stake acquisition was completed over the weekend said V Srinivasan, CEO, Siva Ventures.Chennai-based Sterling is likely to hold stake in all the three divisions of the conglomerate’s key business arm – J B Ugland Shipping Group – and its subsidiaries, J B Ugland Shipping, J B Ugland Dry Bulk and J B Ugland Shipping Singapore
As a part of its foray into the bulk shipping industry, the C Sivasankaran-promoted Sterling group has acquired the shipping business of Norwegian conglomerate JB Ugland for $300 million (Rs 1,200 crore). V Srinivasan, the group chief executive officer of Sterling group subsidiary Siva Ventures, said the 100 per cent stake acquisition in JB Ugland’s shipping business was completed over the weekend.
“Shipping holds a strong growth potential for the Sterling group, with the demand for freights increasing in the coming years,” Srinivasan added. With this, Chennai-based Sterling is likely to hold stake in all the three divisions of the conglomerate’s key business arm — JB Ugland Shipping Group and its subsidiaries, JB Ugland Shipping, JB Ugland Dry Bulk and JB Ugland Shipping Singapore.
Siva Ventures is present in the telecom and renewable energy sectors and has diversified its investments into the shipping industry. Besides shipping and port infrastructure maintenance businesses, JB Ugland Holding has diversified interests in the timber and construction sectors.
JB Ugland, formerly AS Uglands Rederi, was formed as a result of two splits — first in 1995 and then in 2000. In 1995, the two brothers, Johan Jorgen Ugland and Andreas K L Ugland, split Uglands Rederi into two separate entities.
Andreas Ugland & Sons, the company which already controlled several shipping assets of the group, took over approximately 50 per cent of the assets after the demerger. In 2000, Andreas K L Ugland and his three sons, Johan Benad, Andreas Ove and Knut Axel, split the company into three units. JB Ugland Holding currently manages the operational activity of the group.