Date: 15-10-2007
BharatiShipyard, Apeejay Shipping sign JV to build shipyard along Eastcoast
* JV to invest Rs2,000 crore in new shipyard
Mumbai, October 15, 2007: Bharati Shipyard Limited, one of the leading Private Sector Shipyard and Apeejay Shipping Ltd, one of the largest private ship owners, today announced that they have signed a 50:50 Joint Venture Agreement, for setting up a large modem shipbuilding yard along the Eastern Coast of the country. Bharati Shipyard Ltd and Apeejay Shipping Ltd are in the process of jointly finalizing the site and shall announce the location in the coming weeks.
The proposed joint venture, which is the first of its kind in India to bring synergy between a reputed Shipbuilder and a leading Shipping company, is expected to commence operations by 2009.
Bharati and Apeejay would jointly invest in the state of the art technology and modem shipbuilding and ship repair facilities and would have the capacity to build and repair vessels of all sizes upto VLCC.
Mr. V. Kumar, Managing Director, Bharati Shipyard Limited said: "I am extremely proud to announce our association with Apeejay Shipping, as our complimentary skill sets bring immense value to the N. We expect growing demand, and our new shipyard along the East Coast is expected to partly fulfill this requirement. Our new shipyard shall provide long term sustainability to build technologically superior ships of high tonnage and also cater to the ship repairing business of existing shipping companies internationally."
Mr Karan Paul Chairman of Apeejay - Surrendra Group said: "The JV with Bharati Shipyard heralds our foray into ship building industry at an opportune time. Over the next decade, the Indian shipbuilding industry is expected to grow multi-fold and we are proud to be associated with Bharati Shipyard to take on the new challenges and opportunities from the global shipbuilding industry. The shipyard of this size would require an investment of Rs. 2,000 crores. Our vision is to make this venture the leading shipbuilder in India going forward".