Mumbai: Pipavav Shipyard Ltd has signed an agreement with UK’s Babcock group to jointly built aircraft carriers for the India Navy.
This is the first time that such important co-operation for lead battle ships between a global firm and Indian private shipyard has taken place, paving the way for India to be self-sufficient for such vital assets, according to a Thursday filing to the Bombay Stock Exchange (BSE).
However, the filing did not say whether there would be an equity participation by Babcock. Mint could not immediately contact Pipavav Shipyard executives for comment.
The statement said Pipavav will also look for forming joint ventures “to build similar lead battle ships for friendly countries.”
Babcock group is the UK’s leading naval support firm. It builds aircraft carriers, manages naval bases, undertakes refitting, refuelling and decommissioning of submarines, maintaining and refitting warships and providing equipment support.
Pipavav Shipyard is in advanced talks to sell a minority stake to an international shipyard, according to two company executives, who declined to be named.
In November 2010, Pipavav Shipyard had received necessary approvals to build warships for the Indian Navy. The company has also received clearance from the Foreign Investment Promotion Board, permitting the company to receive foreign direct investment.