JP Morgan Asset Management to raise $750 Million for shipping sector
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JP Morgan Asset Management to raise $750 Million for shipping sector
Bangalore: JP Morgan Asset Management is raising $750 million under a sector-focused fund targeting investments in shipping industry, to be raised primarily from institutional investors in India and other Asian countries, reports The Economic Times. The fund may target both distressed assets in the recession-wrecked shipping industry as well as support shipping companies in their expansion plans. The investments will be focused on dry bulk carriers, oil tankers and container ships and offshore vessels. Shipping companies in the country are looking to raise around Rs 94,000 crore over the next four years to meet various operational needs, including replacing ageing fleet and expanding operational network. Although the global recessionary conditions have impacted the overall shipping industry, it has not led to any severe dent for Indian cargo shipping business. Konig & Cie. Asia Advisors, a subsidiary of German investment firm Konig & Cie, recently opened an office in Mumbai. The investment firm said that it would focus on making shipping investments in India.

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