Shreyas Shipping eyes logistics buyouts

Shreyas Shipping & Logistics Ltd. said on Thursday it plans to raise up to 1.50 billion rupees on buyouts in India or abroad, or make investments in logistics companies.The company's board would meet on Dec. 9 to consider the proposals, the company said in a statement."We are considering an overseas acquisition to increase our geographical stretch," Executive Director Anil Devli told Reuters.The company has been turning its focus to logistics and aims to get 60 percent of its annual consolidated revenue from the segment by 2007/08.To do this, "we will have to grow internally and through acquisitions," Devli said. "I need the ability to stretch my basket of services."The company planned to expand rail and transport businesses through organic growth, but would turn to acquisitions to power revenue streams such as retailing, packaging and warehousing.Logistics accounted for 39 percent of revenue in the July-September quarter.Shares in the company were up 6.7 percent to 108.10 rupees in the Mumbai market.