Pipavav to open dry dock next month
The company has so far tied up funding to the tune of Rs 2,500 crore out of the total project cost of Rs 2,950 crore.
Pipavav Shipyard’s dry dock, India’s largest and one of the world’s biggest, will be operational in October, N Ravichandran, deputy chairman, SKIL Infrastructure, co-promoter of the shipyard, said. The dock, for which work began in April 2007, was to be completed by the fourth quarter of the last fiscal.
“This kind of delay is common, now the final touches are being given to a portion of the dock,” Ravichandran said. The dock, which is 662 metre long and 65 metre wide, can at once be used for two Panamax ships and two small ships.
A dry dock is one from which water can be pumped out when required to build or repair a ship below its waterline. “The first ship will go into the dry dock soon,” he said.
Pipavav is currently building four Panamax bulk carriers, the first of which is to be delivered by April next year. Pipavav’s total order-book consists of 22 Panamax ships worth around a $1 billion for European fleet carriers including Setaf SAS of France and Greek firm Avgi Maritime Services SA, and 12 offshore vessels worth $112 million for ONGC. The orders are to be executed by 2012. Pipavav has also submitted bids to build seven ships for the Indian navy.
The shipyard has so far spent Rs 450 crore on the dock, out of the Rs 2,100 crore spent on the whole project. The company has a wet dock, which also measures approximately 680 metres X 60 metres, too. “It can also be converted into a dry dock but that’s not been decided yet,” he said.
Pipavav Shipyard is 24% owned by SKIL Infrastructure and 23% owned by Punj Lloyd, with Singapore based utilities and marine group SembCorp and a host of private equity firms and financial institutions being the other stakeholders.
The company has so far tied up funding to the tune of Rs 2,500 crore out of the total project cost of Rs 2,950 crore. Pipavav Shipyard plans to raise Rs 550 crore through an initial public offering to meet the remaining project cost. The yard is located at Pipavav, 130 kms from Bhavnagar in Gujarat.
“This kind of delay is common, now the final touches are being given to a portion of the dock,” Ravichandran said. The dock, which is 662 metre long and 65 metre wide, can at once be used for two Panamax ships and two small ships.
A dry dock is one from which water can be pumped out when required to build or repair a ship below its waterline. “The first ship will go into the dry dock soon,” he said.
Pipavav is currently building four Panamax bulk carriers, the first of which is to be delivered by April next year. Pipavav’s total order-book consists of 22 Panamax ships worth around a $1 billion for European fleet carriers including Setaf SAS of France and Greek firm Avgi Maritime Services SA, and 12 offshore vessels worth $112 million for ONGC. The orders are to be executed by 2012. Pipavav has also submitted bids to build seven ships for the Indian navy.
The shipyard has so far spent Rs 450 crore on the dock, out of the Rs 2,100 crore spent on the whole project. The company has a wet dock, which also measures approximately 680 metres X 60 metres, too. “It can also be converted into a dry dock but that’s not been decided yet,” he said.
Pipavav Shipyard is 24% owned by SKIL Infrastructure and 23% owned by Punj Lloyd, with Singapore based utilities and marine group SembCorp and a host of private equity firms and financial institutions being the other stakeholders.
The company has so far tied up funding to the tune of Rs 2,500 crore out of the total project cost of Rs 2,950 crore. Pipavav Shipyard plans to raise Rs 550 crore through an initial public offering to meet the remaining project cost. The yard is located at Pipavav, 130 kms from Bhavnagar in Gujarat.