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Sterling Infotech buys Norwegian shipping co.

CHENNAI: C. Sivasankaran-led Sterling Infotech Group of Chennai has signalled its foray into the shipping and logistics business by inking a Rs. 1,200-crore cross-boarder acquisition deal.

The overseas acquisition is done through Siva Ventures Limited (SVL). The deal saw SVL acquiring the Norwegian shipping firm J. B. Ugland Shipping AS (JBUS) from J. B. Ugland Holding AS for a total consideration of around $300 million (Rs. 1,200 crore).

JBUS is a Norway-headquartered shipping company with a fleet of 40 owned and long-time chartered vessels with an aggregate capacity of about two million dwt (dead weight tonnage).

The company’s fleet of owned and chartered vessels consists of a balanced mix of tankers, chemical carriers and bulk carriers.

The company’s main operations are centred in Oslo, Norway, and in Singapore, where JBUS’ main operating subsidiary J. B. Ugland Shipping Singapore, is an approved international shipping company.

J. B. Ugland Holding is the holding company of the J. B. Ugland family, one of the pre-eminent shipping families of Norway and a leading Norwegian conglomerate with interests in shipping, agri-business, real estate and building materials.

The transaction with the Sterling Group was agreed in January and closed on February 15.

As part of the transaction, the incumbent management of JBUS, led by its CEO, Bjorn Bergsland, will continue to manage the company.

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