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Marine Log

October 16, 2007

India's Bharati and Apeejay in shipyard JV

India's Bharati Shipyard Ltd has signed a 50:50 Joint Venture Agreement with Apeejay Shipping Ltd, one India's largest private ship owners. They plan to set up a large modern ship building yard on India's eastern coast of the country. The two companies are in the process of jointly finalizing the site and will announce the location in the coming weeks.

The proposed Joint Venture is excepted to commence operation by 2009.

Bharati and Apeejay plan to jointly invest in state of the art technology and modern shipbuilding and ship repair facilities ableto build and repair vessels of all sizes up to VLCC.

Mr. V Kumar, Managing Directors of the Company said, "I am extremely proud to announce our association with Apeejay shipping as our complementary skill sets bring immense value to the JV."

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