The India-based has formed a special committee to explore the possibility of restructuring its shipping and dredging businesses into two separate entities, Mercator said in a statement Monday.
India-based Mercator Ltd. confirms that it’s exploring the possibility of selling off its dredging unit.
India-based conglomerate Mercator Ltd. is considering restructuring its shipping and dredging businesses into separate entities.
The company, which owns subsidiaries in the oil and gas, dredging, coal and bulk commodity transport industries, is one of India’s largest dredging services suppliers. Mercator said in a statement Monday it has formed a special committee to explore the possibility.
The news comes just days after the Economic Times reported that Mercator is looking to raise $300 million by divesting in some of its businesses. In addition to its dredging unit, the company’s looking at selling coals assets in Indonesia and Mozambique, according to the report.
Earlier this month, the Times of India reported that Mercator is preparing an offer for state-owned Dredging Corp. of India, which the publication said is expected to be put up for sale in the next few quarters.
In early 2016, Mercator sold its money-losing dry bulk shipping business to three Singapore companies, Bellerophon Holdings, MIB Investments and Wroclaw Holdings, as part of a portfolio restructuring.