Pipavav Shipyard Ltd has announced that the Board of Directors of the Company at its meeting held on September 12, 2011, has transacted the following business;
The Board was informed that Mazagon Dock Ltd, Ministry of Defence, Government of India ('MDL') has selected the Company as its joint venture partner for building warships for the Indian Navy.
The Board unanimously approved setting up of the joint-venture Company with MDL to be named as ‘Mazagon Dock Pipavav Ltd'.
This is the first time post independence that a private sector Company has been selected by a Company controlled by the Ministry of Defence to build warships together, which will result in speeding up the delivery of warships to the Indian Navy.
The Board has recognized this as the 'Golden Day' in the corporate history of the Company so far as the proposed partnership is concerned between the largest defence shipyard viz. MDL and Pipavav Defence and Offshore Engineering Company Ltd having the largest defence focused infrastructure. Board further recognized that this will be a game changer and will help the Company to scale new heights.
The Board acknowledge that the Government of India's transparent policy in allowing private sector participation in defence will be very valuable for the Indian Navy as well as for the private sector.
India Infoline News Service : 
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