"No shipping company in India provides total logistic package, which is the need of the hour. Foreign shipping companies are exploring opportunities in India. Hence, we have decided to go for a tie-up," said a top Forbes official.

Shipping companies in the country are having a tough time. The only way to improve the situation is by providing emphasis on inland transport and logistics, the official said.

Forbes Gokak has already received Rs 90 crore from the sale of its stake in Goodlass Nerolac. A part of it will be used to fund a voluntary retirement scheme. The company has not taken a decision on the exact number of staff to be reduced through the proposed VRS though the management is keen on making the company tighter and leaner.

Forbes Gokak has divested its entire 28.56 per cent shareholding in Goodlass Nerolac in favour of Japanese partner Kansai Paints which has picked up the stake at Rs 250 a share for a total consideration of around Rs 90 crore. It sold its stake in the paint company since it felt that the shareholding in Goodlass Nerolac was not strategic in nature. "It was purely an investment on which the company received dividend income and not at all related to its other activities," sources said.

Goodlass Nerolac is India's second largest paints company after Asian Paints and a leader in the industrial paints segment. Forbes Gokak has recently formed a joint venture with the Malaysia-based shipping giant Barvil.The new joint venture-Barvil Forbes -- is engaged in bulk handling.

Forbes has also closed down its optics division since it could not get a suitable buyer. It has also shut down operations at Baroda textile unit.