Great Eastern Shipping to close down UK subsidiary

Great Eastern Shipping on Thursday said it has decided to voluntarily strike off the name of its subsidiary GESCO London from the Companies Register in the UK. This implies that the GESCO London would be shut down.  The entity would cease to exist officially once its name is struck off from the Register. Currently, the entity does not conduct any business activities.

"The company has decided to voluntarily strike off The Great Eastern Shipping Co London Ltd (GESCO London), a wholly- owned subsidiary of the company, from the Companies Register in UK," GE Shipping said in a filing to the BSE. The process of striking off of GESCO London from the Register is expected to be completed by the end of 2016, subject to necessary approvals. 

"GESCO London had a net worth of $1.14 million as on March 31, 2015 and a loss of $37,809 for the year ended on that date," the filing said. GE Shipping is India's largest private sector shipping service provider enjoying a formidable presence in the international maritime industry. The company said a sizeable part of the tankers enjoy approvals from oil giants like Shell, BP, Exxonmobil and Texaco, among others.