Great Offshore buys 2 cos for 1.6 bln rupees

Offshore and oilfield services firm Great Offshore Ltd said on Tuesday it has acquired two companies in Hyderabad for 1.6 billion rupees, marking its foray into the port terminal and offshore logistics business. The transaction is on an all-cash basis and is expected to close within 2 months, the company said in a notice to the Bombay Stock Exchange. "The decision to acquire an existing business is with a view to broad base earning without diversifying core business risks and ensuring sustainable cash flows," the notice quoted Vice Chairman and Managing Director Vijay Sheth as saying.