Oil Field Warehouse & Services (OWS) here has acquired Raamns Shipping & Logistics Pvt. Ltd (RSL), a Kakinda-based company, by buying the majority stake, according to a press release issued here.
The price at which the acquisition has been made is not disclosed.
Specialised services
OWS was set up in 2006 to provide specialised services of material management from Vizag SEZ, leading to saving of time and cost to its customers.
Currently, it is providing services to more than 45 customers from its facilities in Visakhapatnam and Mundra SEZs.
Overseas offices
In India, OWS has offices in Mumbai, Chennai, Delhi, Vizag and Mundra and overseas offices in Dubai, Sohar (Oman), Houston (USA) and recently Genoa in Italy.
Oil gas companies
Raamns was promoted by a group of professionals, led by Mr Murthy Adiraju, in 2009 and has been providing support services to oil and gas companies as well as operators directly or indirectly such as Reliance, ONGC, Cairn, GSPC and others operating in the Krishna-Godavari basin in Andhra Pradesh, with Kakinada as the centre.
Mr Vinay R Sharma, the Managing Director of OWS, will be joining the board of Raamns.
East coast
With this acquisition, OWS group will strengthen its activity and base in the east coast, particularly in Kakinada, Vizag and Chennai.
“This acquisition will add value to the existing services being provided by OWS which are innovative as well as very cost-effective.
“Now, the customers of OWS will have a wider bouquet of services through a single point of contact,” said the Managing Director of OWS, Mr Vinay Sharma.
Mr M. Adiraju said that being a part of OWS, Raamns will have extended reach not only in India but abroad as well.
The agreement to acquire the company was signed recently in Hyderabad.