Singapore, Oct 29 (UNI) Singapore's leading shipyard SembCorp Marine Ltd today said it has signed an agreement to buy 17.5 million shares for Rs 787.5 million in the Gujarat-based Pipavav Shipyard Ltd (PSL).
SembCorp said it is staking 3.31 per cent equity share in PSL, which has one billion dollars worth of orders to build 22 panamax-sized ships with options for four additional vessels.
The 85-hectare shipyard, which is also building a 600-metre long Very Large Crude Carrier drydock equipped with shipbuilding workshop facilities and equipment, is poised to be one of the largest shipyards in India, said SembCorp.
SembCorp Senior Vice President (Corporate Development) Ng Thiam Poh said the company will advise PSL on the design of the shipyard, its layout and infrastructure, setting up of the management and technical systems and to provide training to PSL.
''With this investment, SembCorp Marine would be able to establish other business ventures in close collaboration with our Indian partners and to grow our marine and offshore business in India,'' Mr Ng said.
SembCorp is involved in a wide range of shipyard businesses with an annual order to build offshore oil and gas facilities estimated to be worth 10 billion dollars a year.