Varun Shipping Company-(Merged) Share price

VI. Company and ManagementBrief History of the CompanyVarun Shipping Company Limited (VSCL) was incorporated as VarunShipping Company Private Limited on January 29 1971 and itsname was changed on February 18 1972 to Varun Shipping CompanyLimited as the Company was converted from a Private LimitedCompany to a Public Limited Company. VSCL was promoted amongstothers by Dilip D. Khatau Group which is at present the solepromoter of the Company. The Company which has been in shippingactivities for the past 28 years is one of the country's majorprivate sector shipping companies having a creditable trackrecord of profitability and payment of dividend for the past 17years. The Company commenced operations in 1973 with theacquisition of one product tanker. It later diversified intosupport services for oil exploration with the acquisition ofAnchor Handling and Towing Supply Vessels in 1983-84. As partof further diversification about ten years later the Companyacquired two modern bulk carriers for dry cargo movement. TheCompany was the first private sector Company to commerciallyoperate LPG carriers. It now has the distinction of having thelargest LPG fleet in the country i.e. approx. 54 per cent of thetotal LPG tonnage operating under Indian Flag. (Source: IndianNational Shipowners Association (INSA) Annual Review1999-2000.)