Private Indian shipowner Mercator is seeking to raise $300m through asset sales to fund a takeover of Dredging Corp of India (DCI).
It plans to sell non-core coal assets in Indonesia and Mozambique, plus a stake in its dredging division, according to multiple sources cited by the Economic Times.
The owner is said to be in talks with Fairfax Financial Holdings, controlled by Canadian billionaire Prem Watsa, and US private equity funds KKR and Blackstone over a joint bid for state-run DCI, in which the government is selling its 74% holding.
