HK company Caravel Group buys maritime body

NEW DELHI: Harry S Banga and Angad Banga of Hong Kong-based The Caravel Group have announced the acquisition of International Maritime Institute, a leading maritime training institute, and are seeking to upgrade the facility in greater Noida to ensure that more Indian seamen get to command ships.

India is among the top global suppliers of seamen, next only to the Philippines, and group, which has a eet of over 700 vessels, is also looking at expanding its involvement in the country, although the promoters cited policies around taxation and capital (both debt and equity) as factors that hinder having more Indian flag vessels.

Stay informed with the latest business news, updates on bank holidays and public holidays.