Pipavav faces $213 mn order cancellation

Pipavav faces $213 mn order cancellation
Comment E-mail Print Share
First Published: Tue, Dec 22 2009. 12 54 AM IST
Updated: Tue, Dec 22 2009. 12 54 AM IST
Mumbai: Pipavav Shipyard Ltd, which went public in September, is facing order cancellation from Greece’s AVGI Maritime Group for building six dry bulk ships together worth $213 million (Rs996.84 crore).
Pipavav Shipyard said in a statement that the owner had referred the contracts for arbitration.
“However, both parties decided to explore the option of resolving the issues bilaterally and mutually kept the arbitration proceeding in abeyance,” the statement said.
Comment E-mail Print Share
First Published: Tue, Dec 22 2009. 12 54 AM IST