Posted on August 19, 2024
Pipavav Shipyard, the largest shipyard in India by capacity, is set to resume operations having come out of bankruptcy.
Now led by Swan Energy, the yard has tapped former Damen Shipyards executive, Carsten Schumacher, to serve as its new chief operating officer. according to Mumbai-based The Economic Times.
The yard will shortly get to work on a repair job for the Indian Coast Guard, and is in advanced talks for a contract to build a series of bulk carriers for an overseas shipowner.
Pipavav has India’s largest drydock, meansuring 662 m by 65 m. Founded in 1997, the yard was the largest private shipbuilding firm in India. Indian conglomerate Reliance Group took control of the yard in 2016 after a debt restructuring, but by 2019, Pipavav – renamed Reliance Naval and Engineering Ltd (RNaval) – was again unable to make payments on its loans. Its bankers initiated bankruptcy proceedings to recover an estimated $1.2bn in debt.
Pipavav’s return follows a swathe of other recent Indian yard announcements such as defence contractors foraying into commercial shipbuilding, and new yard capacity opening up on both the east and west coast of the world’s most populous nation.
The government of Narendra Modi is cueing up a yard stimulus plan as the nation aims to become a top five shipyard country within the next decade.
