Seamec Limited has informed the Exchange regarding 'Incorporation of SEARETE INDIA IFSC PRIVATE LIMITED, JOINT VENTURE COMPANY BY SEAMEC INTERNATIONAL FZE AND ARETE SHIPPING DMCC.
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Seamec Limited's wholly owned subsidiary Seamec International FZE (SIFZE) has incorporated a 50:50 joint venture company called SEARETE India IFSC Private Limited with Arete Shipping DMCC (UAE). The JV has been set up in GIFT City, India, with the primary objective of buying, leasing, and selling vessels, including ship owning and bareboat charter leasing activities. SIFZE has subscribed to 18,15,000 equity shares of Rs. 10 each, aggregating to INR 1.81 crore in cash. The company received its Certificate of Incorporation from MCA on April 16, 2025, and a provisional letter of registration from IFSCA on May 22, 2025; final SEZ registration is awaited.
This is a strategic move into vessel ownership and leasing from GIFT City, which could provide tax benefits and expand Seamec's shipping business vertically. Investment size is modest (~Rs. 1.81 crore), so near-term financial impact is limited, but the JV could create a new revenue stream once operations begin.