As a part of an ambitious investment plan of Rs 20 billion, Indian Varun Shipping Co has announced that it has entered into a memorandum of agreement (MOA) for acquiring its third modern double hull 2006 built Aframax crude oil tanker. The vessel is scheduled to be delivered in January, 2007. With the acquisition of this vessel, the company will own a fleet of eighteen vessels. Meanwhile, the capex plan envisages the expansion of its fleet. The company posted a 4.98% increase in net profit to Rs. 455.28 million for the quarter ended September 30, 2006 as compared with a profit of Rs. 433.69 million for the quarter ended September 30, 2005. Sales for the current quarter rose by 16.73% to Rs. 1705.57 million compared with Rs 1461.13 million for the corresponding quarter, a year ago.
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