Mumbai, Aug. 17: The Essar group today unveiled key restructuring measures for its shipping, terminal and logistics businesses.

It has formed a new company — Essar Shipping and Logistics Ltd — which will have stakes in Essar Shipping, Essar Logistics and Vadinar Oil Terminal. Essar Shipping and Logistics will be a fully owned subsidiary of Essar Global Ltd, which is Ruias’ prime investment arm with interests in infrastructure, telecommunications and industrial construction.

While Essar Shipping and Logistics will be registered in Cyprus, a group statement said according to the re-organisation plan, the company will have three operating firms under its umbrella. These include Essar Shipping, in which the new company will have a 77 per cent stake, and two fully owned subsidiaries — Essar Logistics and Vadinar Oil. Essar Logistics will carry out logistics management, trans-shipment and port services. Vadinar Oil will focus on ports and terminals.

Vadinar Oil has set up a 32-million-tonne terminal facility at Vadinar in Gujarat, which will be operational by September-end.

“The reorganisation will make Essar Shipping and Logistics a leading integrated logistics provider for steel mills, oil refineries and thermal power generation companies worldwide,” the statement added.