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Bharati Shipyard takes German client to court

Bharati Shipyard takes German client to court
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First Published: Mon, Apr 26 2010. 10 36 PM IST
Updated: Mon, Apr 26 2010. 10 36 PM IST
Bangalore: Bharati Shipyard Ltd, India’s second biggest private shipbuilder, has taken a German customer to court for cancelling a shipbuilding contract signed in 2007.
Opielok Bereederungs GmbH and Co. KG, Hamburg, Germany has cancelled the order for one platform supply vessel due to the financial situation in Europe,” a spokesperson for Bharati Shipyard said in an emailed statement.“This cancellation is not as per the contract. Hence, Bharati has initiated arbitration proceedings in the UK. Since the matter is sub-judice, we do not want to comment any further.”
In 2007, Opielok had ordered two platform supply vessels at Bharati Shipyard, each valued at $26.5 million (around Rs118 crore).
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First Published: Mon, Apr 26 2010. 10 36 PM IST