Adani plans JV with Tsuneishi for shipbuilding
The Adani group has finally zeroed in on a joint venture partner for its diversification into ship building Japanese Tsuneishi group.
According to the sources, the Adani group is close to sealing the deal with Tsuneishi Shipbuilding Company for the Rs 1,500 crore venture, in which it proposes to hold a majority stake. The Japanese partner, who will bring technical expertise to the venture, will hold a smaller stake.
Tentatively named Adani Shipyard, the proposed venture is expected to have a debt-equity ratio of 3:1 and is slated to come up at Mundra, that also houses the Adani group's port and special economic zone, the sources added.
Confirming the development, Adani group chairman Gautam Adani, who is just back from a visit to Japan as part of a state-level business delegation, said that the joint venture agreement would be inked as soon as the feasibility study was completed.
"We will hold atleast 51% stake in the joint venture, pumping in anywhere between Rs 200 crore to Rs 300 crore,” Adani said.
The Ahmedabad-based Adani group had also been in talks with European and Korean players for the shipbuilding venture earlier. Apart from shipbuilding, the new venture is also expected to entail repair and maintenance of vessels.
According to the sources, the Adani group is close to sealing the deal with Tsuneishi Shipbuilding Company for the Rs 1,500 crore venture, in which it proposes to hold a majority stake. The Japanese partner, who will bring technical expertise to the venture, will hold a smaller stake.
Tentatively named Adani Shipyard, the proposed venture is expected to have a debt-equity ratio of 3:1 and is slated to come up at Mundra, that also houses the Adani group's port and special economic zone, the sources added.
Confirming the development, Adani group chairman Gautam Adani, who is just back from a visit to Japan as part of a state-level business delegation, said that the joint venture agreement would be inked as soon as the feasibility study was completed.
"We will hold atleast 51% stake in the joint venture, pumping in anywhere between Rs 200 crore to Rs 300 crore,” Adani said.
The Ahmedabad-based Adani group had also been in talks with European and Korean players for the shipbuilding venture earlier. Apart from shipbuilding, the new venture is also expected to entail repair and maintenance of vessels.