Oswal takes delivery of first China-made ship.
Australia-based Indian industrialist Pankaj Oswal has announced that Maruti Shipping, a part of his Oswal Group Global, will spend $320 million by 2012 for nine ships built at Yangzhou Guoyu Shipyards in Jiangsu province.
The first of the fleet of 57,000-ton dry bulk carriers built in Yangzhou will be delivered today and is already chartered by the Thoreson Group in Thailand.
Other Maruti ships have been chartered to some of the largest companies in the sector, including Klaveness Chartering, BVI and Pacific Chartering, according to a statement from the group.
"At least one ship may be used to transport resources to Oswal's expanding global petrochemicals plants," the company said.
Pankaj Oswal, chairman and managing director of Oswal Group Global, has a diverse portfolio of assets valued at over $5 billion, including Burrup Fertilisers, the world's largest single train merchant ammonia plant in Western Australia, as well as interests in petrochemicals, resources, transport, logistics, property and lifestyle.
"This marks an important milestone in the future of the group, bringing our company into partnership with the Chinese for the first time. We look forward to building a strong working relationship with China across all our business units," he said.
Husband and wife
Oswal and his wife Radhika were joined by Capt Ross Amaral, COO and director of Maruti Shipping, at the delivery ceremony.
All of Maruti Shipping's fleet will be managed by Wallem Group Ltd, one of the world's largest ship management companies.
Owned and controlled by Pankaj and Radhika Oswal, the multibillion-dollar enterprise "is dedicated to developing natural resources and industry for the benefit of the global community", the company said.
Its assets include Burrup Fertilisers, which supplies about 6 percent of the world's merchant ammonia market. Burrup is currently planning for expansion with a $600 million ammonium nitrate plant that is scheduled for commissioning in 2013.
The group also has extensive property interests in Australia, the Middle East and Asia. It is now developing petrochemical assets in the Middle East and Australia and has rapidly expanded its trading business in the Middle East and India.
Oswal Lifestyle, whose Otarian brand operates upscale restaurants in New York and London, provides a variety of multicultural vegetarian cuisines while promoting the benefits of vegetarianism and sustainable lifestyle alternatives.