ESL: Board Approves Disinvestment in Subsidiaries, Asset Sales

Essar Shipping Limited announced that its 16th Annual General Meeting, held on September 30, 2026, approved several key proposals. These include the re-appointment of Mr. Rajesh Dhirubhai Desai as Director, and the appointment and re-appointment of Independent Directors Mr. Subramanian Raman and Mr. Suresh Ramamirtham, respectively. Significantly, shareholders approved the disinvestment of two overseas wholly-owned subsidiaries: Essar Shipping DMCC, U.A.E., and OGD Services Holdings Limited, Mauritius. Both subsidiaries reported Nil total income and negative net worth (ESDMCC: ₹705.48 Crore, OGDSHL: ₹459.72 Crore). The company also received approval for the sale of two assets: the Semisubmersible Rig – Essar Wildcat (owned by Essar Shipping DMCC) and Tug III (owned by Essar Shipping Limited). These disinvestments and asset sales are expected to be completed within one year from the AGM at Fair Market Value, with group companies as buyers, and are considered related party transactions at arm's length. General related party transactions were also approved.