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Mumbai-based Bharati Shipyard Ltd has acquired 14.89 percent stake of Great Offshore through its tow units, Natural Power Ventures and Dhanshree Properties. Bharati has acquired the stake in Great Offshore for a consideration of Rs 174 crore. Earlier the promoters of Great Offshore had pledged the shares with Bharati's two other subsidiaries, Advitiya Urja and Vishudh Urja. Speaking about the acquisition, Bharati Shipyard managing director P. C. Kapoor said that the investments in Great Offshore will help his company to consolidate its position in international market.
Bharati Shipyard constructs vessels and rigs for the offshore industry while Great Offshore provides offshore and oilfield services. According to a spokesperson of Bharati Shipyard, Great Offshore's diversified fleet and strong financial performance will help Bharati to make its presence felt in all spheres of offshore industry. Great Offshore had earlier pledged 14.87 percent stake for a loan of about 2 billion rupees, informed the spokesperson.
P.C. Kapoor stated that Bharati Shipyard Ltd has decided to acquire the pledged shares and hold it as a strategic long-term investment. Currently, Bharati Shipyard owns five shipyards, including those in Thane, Calcutta, Mangalore and Ratnagiri. Bharati Shipyard's new strategic investment in Great Offshore will enhance value for stakeholders of both the companies.
