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Defence ministry puts Mazagon-Pipavav JV on hold

Defence ministry puts Mazagon-Pipavav JV on hold
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First Published: Mon, Sep 26 2011. 04 48 PM IST
Updated: Mon, Sep 26 2011. 04 48 PM IST
Mumbai: The defence ministry has decided to put on hold a joint venture between the state-run Mazagon Dock and private sector shipbuilder Pipavav Defence and Offshore Ltd, saying it would wait till a policy on joint venture (JV) is put in place by the government.
Earlier this month, Pipavav Defence said it had formed an equal JV with Mazagon Dock to build submarines and warships, making the private firm eligible to execute part of Mazagon’s orderbook of $21.2 billion. .
Defence minister A.K. Antony said on Monday the ministry will study the complaints received from some private shipyards regarding the JV. He didn’t elaborate on the nature of the complaints.
Antony, addressing a meeting of the consultative committee attached to his ministry, a release of which was put on the government’s website, also said that JVs must compete for contracts and should not get them on nomination basis.
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First Published: Mon, Sep 26 2011. 04 48 PM IST