Edelweiss Now Controls Bharati Shipyard
By Aiswarya Lakshmi
Thursday, September 3, 2015
Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET.
Edelweiss now controls 70% of the Indian yard’s debts. A month ago plans were made to change the yard’s name to Bharati Defence and Infrastructure as part of a new business direction making warships for the Indian Navy.
Bharati’s difficulties started five years ago when it bought Great Offshore. The company piled on debts from then on and has struggled to repay them. It warned on July 22 that it has become a “sick industrial unit” after its net worth eroded completely as on March 31, 2015.
Bharati Shipyard, a company founded in 1973 by P C Kapoor and Vijay Kumar, and has appointed Sameer Kaji as interim CEO with a mandate to turn around the troubled shipbuilder.