Dempo Shipbuilding acquire stakes in Modest Infra
PTI, PANAJI | 29 August 2012 22:41 IST
Goa-based Dempo Group company Dempo Shipbuilding & Engineering today said it had acquired majority stake in Modest Infrastructure Ltd of Bhavnagar in Gujarat for an undisclosed sum.
With the acqusition of 74 per cent stake in Modest Infrastructure, DESPL will be able to cater to both international and domestic markets with bigger and technologically advanced vessels, a company release said here.
Commenting on the deal, Dempo Groups Chairman Shrinivas Dempo said, "Considering future growth potential of shipbuilding and ship repairs in India, this is a positive development for the domestic shipbuilding industry in general and for the group's shipbuilding business vertical in particular."
The infrastructure created by MIL with expertise and knowledge in building good quality ships coupled with Dempo Groups experience in shipbuilding can add considerable value to MIL and take the company on an accelerated growth trajectory to generate expected top line of about Rs 1,500 crore in the next 5-7 years, he said.
A leading player in shipbuilding and ship repairs space, Modest Infrastructure Ltd (MIL) is the flagship company of Modest Group with technical expertise to build sophisticated vessels such as product tankers, cement carriers, offshore supply and survey vessels of size up to 6000 dwt (dead weight tonnage).
Apart from the existing shipyard at Ramsar (Bhavnagar), MIL is in the process of developing a new shipyard at Ratanpar (about 20 kms from Bhavnagar) with capability of building and repairing ships up to 50000 dwt (dead weight tonnage), the release said.
