Bharati to set up second mega shipyard near Bhavnagar
Exim News Service reported that Bharati Shipyard, a leading private sector shipbuilding company headquartered in Mumbai, has reportedly drawn up an outline of a mega shipbuilding project entailing an investment of INR 1,500 crore to be set up near Bhavnagar in Gujarat.
The amount will be invested in 2 phases for the proposed yard which would be located in the Gulf of Khambhat. In the first phase, it plans to pump in INR 600 crore and in the second around INR 900 crore. The company may also increase INR 400 crore to INR 500 crore through an initial public offering or foreign currency convertible bonds while the rest may be funded through a combination of instruments including internal accruals.
The company is planning to construct 100,000 DWT vessels and offshore supply vessels at the proposed facility. However, execution of the project and land acquisition depends on the approval of detailed project report by the state government.
Bharati manages shipyards at Ratnagiri and Ghodbunder. Bharati had last year signed a 50:50 JV with Apeejay Shipping, another large private ship owner for setting up a modern shipbuilding yard along the East Coast.
The amount will be invested in 2 phases for the proposed yard which would be located in the Gulf of Khambhat. In the first phase, it plans to pump in INR 600 crore and in the second around INR 900 crore. The company may also increase INR 400 crore to INR 500 crore through an initial public offering or foreign currency convertible bonds while the rest may be funded through a combination of instruments including internal accruals.
The company is planning to construct 100,000 DWT vessels and offshore supply vessels at the proposed facility. However, execution of the project and land acquisition depends on the approval of detailed project report by the state government.
Bharati manages shipyards at Ratnagiri and Ghodbunder. Bharati had last year signed a 50:50 JV with Apeejay Shipping, another large private ship owner for setting up a modern shipbuilding yard along the East Coast.