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Pipavav in talks to buy European rig operator

Pipavav in talks to buy European rig operator
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First Published: Fri, Apr 16 2010. 12 08 AM IST
Updated: Fri, Apr 16 2010. 12 08 AM IST
Mumbai: Shipbuilding firm Pipavav Shipyard Ltd is in talks to buy an oil rig and shipping company in Europe, chairman Nikhil Gandhi said on Thursday.
Pipavav has Rs178 crore in cash that it can use for the purchase, which grant give Pipavav entry into the global market, Gandhi said. Pipavav’s largest investor, SKIL Infrastructure Ltd, plans to raise Rs1,500 crore from an initial share sale before the end of this year, said Gandhi, who is also chairman of SKIL Infrastructure.
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First Published: Fri, Apr 16 2010. 12 08 AM IST