Ruia plans shipbuilding facility in Haldia

Kolkata, Oct 15: The Ruia group is planning a shipbuilding and repairing facility near Haldia for which it has applied for 2,000 acres from the West Bengal Government.

However, the fate of the other project, which comprises a re-rolling facility and a power plant, looks uncertain, since not more than 1,500 acres are available, according to group Chairman Pawan Kumar Ruia.

He said the entire project entailed an investment of about Rs 3,300 crore, of which the ship-repairing part comprise about Rs 2,200 crore. The investment would be met through a debt of Rs 1,760 crore and internal accruals of about Rs. 210 crore.

A public issue of Rs 220 crore was also proposed for the new company which would be a subsidiary of Jessop. The West Bengal Industrial Development Corporation (WBIDC) would be the joint venture partner with an equity investment of Rs 11 crore.

UNI