April 17, 2019 / 6:48 AM / in a month

Japan's Mitsui OSK Lines beefs up ship fleet with Reliance Industries deal

FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, January 16, 2017. REUTERS/Amit Dave/File Photo

(Reuters) - Japanese shipping group Mitsui OSK Lines Ltd will add six very large ethane carriers (VLECs) to its fleet through an investment deal with Reliance Industries Ltd, the Indian conglomerate said on Wednesday.

Mitsui OSK, which has a fleet of over 850 vessels, and a minority investor signed an agreement to buy stakes in six special purpose companies of Reliance Industries which own a VLEC each, Reliance Industries said in a statement here

Given Mitsui OSK is currently the operator of all the six VLECs, the investment will ensure continued safe and efficient operations of these carriers, Reliance Industries said.

It did not disclose the value of the deal.

Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu

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