Monday, July 4, 2011

Indian Shipbuilders eye defence orders to tide over slump

Mumbai/Bangalore: Securing contracts to build warships has emerged as an option for local shipyards seeking to sail through a global downturn in the industry. ABG Shipyard Ltd, India’s largest shipbuilder outside state control, entered defence production last week by signing a contract with the Indian navy to build two cadet training ships together valued at Rs. 970 crore. “There is ample scope for defence contracts,” said Dhananjay Datar, ABG’s chief financial officer. “There will be a positive impact on valuations with defence portfolio in the order book.”

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