Otto Marine establishes joint ventureCompany News // December 2, 2011
The Board of Directors of Otto Marine Limited says Otto Ventures Pte Ltd (OVPL), a wholly-owned subsidiary of the company had entered into a joint venture agreement with Limin Marine Private Limited.
Limin is in the business of ship owning, managing and operating, ship brokering, ship building and repair and shipping agency.
Under the terms of the JV, OVPL and Limin incorporated a joint venture company Otto Limin Marine Private Limited in Singapore, with a combined investment of US$600,000 in equity capital for a 50-50 interest each.
The JV will own and operate vessels.