Bharati Shipyard & Apeejay Shipping Sign JV to build shipyard along east coast

Bharati Shipyard Ltd has announced that the Company and Apeejay Shipping Ltd, one of the largest private ship owners on October 15, 2007 announced that they have sign a 50:50 Joint Venture Agreement for setting up a large modern ship building yard along the Eastern Coast of the country. The Company 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 if its kind in India to bring synergy between a reputed ship builders and a leading shipping Company, is excepted to commence operation by 2009.

The Company and Apeejay would jointly invest in the state of the Art Technology and modern ship building and ship repair facilities and would have the capacity to build and repair vessels of all sizes up to VLCC.

Mr. V Kumar, Managing Directors of the Company said, "I am extremely proud to announce our association with Apeejay shipping as our complementary skill sets bring immense value to the JV. We except growing demand and our new shipyard along the East Coast is expected to partly fulfill this requirements. Our new shipyard shall provide long term substantially to build technologically superior ships of high tonnage and also enter to the ship repairing business of existing shipping Companies internationally."

Source : Equity Bulls

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