Annual Report FY 2010-11 - Pipavav Shipyard
Annual Report FY 2010-11 - Pipavav Shipyard
Annual Report FY 2010-11 - Pipavav Shipyard
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16<br />
During the year, your Company<br />
achieved another distinction of<br />
becoming the first private sector<br />
company post independence<br />
to secure an order to build five<br />
warships i.e., Naval Offshore<br />
Patrol Vessels for Indian<br />
Navy. The contract value is<br />
Rs. 2,975 crore. We have already<br />
commenced work on this project.<br />
We believe that we are now a<br />
step closer to achieving our long<br />
cherished vision to contribute<br />
humbly towards India becoming<br />
a net exporter of warships. We<br />
are extremely pleased to inform<br />
you that we are in dialogue with<br />
the governments of six friendly<br />
nations to build their warships<br />
at our world class defence<br />
focused infrastructure in India.<br />
We are also in dialogue with one<br />
such friendly nation to develop<br />
strategic maritime assets in<br />
accordance with the guidelines/<br />
policies of the Government of<br />
India.<br />
As you may be aware, the existing<br />
government defence shipyards<br />
are over booked. Three defence<br />
shipyards have invited expression<br />
of interest from private shipyards<br />
for co-production of their existing<br />
orders. We would endeavour to<br />
complement capacities of the<br />
defence shipyards.<br />
Your Company is aiming<br />
to enhance its capacity by<br />
converting the existing wet basin<br />
into the 2 nd dry dock, which will be<br />
amongst the largest in the world.<br />
To complete the expansion, it will<br />
raise long term debt of Rs. 1,300<br />
crore. Your Company is also<br />
committed to invest in developing<br />
/ acquiring design capabilities for<br />
warships and offshore oil & gas<br />
assets.<br />
Your Company has made a bold<br />
entry in the sector with a huge<br />
investment of nearly USD 1 bn<br />
(including planned) in creating<br />
the most modern infrastructure,<br />
which can build and refurbish<br />
warships and specific equipment<br />
and systems for our armed<br />
forces. Your Company’s faith<br />
in making sizable investments<br />
in this vital sector of national<br />
importance was predicated on<br />
an open and transparent policy<br />
framework put in place by our<br />
Government.<br />
Your Company is consolidating<br />
its position as a defence player
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