Essar shipping & logistics de-merged as separate entities

The Ruias-promoted Essar Shipping and Logistics has demerged its shipping, logistics and oil fields business into a separate entity, a top official said.

The newly created entity will be called Essar Shipping Limited while the existing entity will also undergo a change in nomenclature and will be called Essar Port Limited, Group Chief Executive, Prashant Ruia, said here.

The new company — Essar Shipping — will be listed on the bourses soon, he added.