New Delhi, March 12 -- The Caravel Group, a Hong Kong-based maritime conglomerate, said Wednesday it has acquired Indian marine engineering college International Maritime Institute (IMI), as it ventures into maritime training and education.
The company did not disclose the terms of the transaction.
Caravel said this deal will enable it to train its 28,000-strong global workforce, including present officers, crew members and onshore professionals at Fleet Management Ltd, a unit of the Hong Kong company.
"This initiative in the not-for-profit segment reinforces The Caravel Group's commitment to developing the next generation of global maritime professionals," the company said in a statement.
IMI was founded in 1991 in Noida and runs maritime academies, specialising in pre-sea training for cadets.
Caravel said it will invest in the institute's curriculum, faculty development, and expanded career placement programs.
The company is helmed by chairman and CEO Harindarpal (Harry) Singh Banga and COO Angad Banga. Its unit Fleet Management manages more than 650 vessels, including bulk carriers, containers, car carriers, oil tankers, gas carriers and chemical tankers that range from 600 to 320,000 deadweight tonnage in size.
Harry and Angad Banga also invest their own capital in private companies and startups. Harry has invested through his family office in companies such as fintech firm Flexiloans and cosmetics firm Nykaa. Angad is a general partner at early-stage venture capital firm Sorin Investment, which he co-founded with former KKR India CEO Sanjay Nayar. Sorin closed its maiden fund last year with a corpus of Rs 1,350 crore.
Published by HT Digital Content Services with permission from VC Circle.