Pipavav Defence and Offshore Engineering Company Ltd today announced the incorporation of a joint venture company with defence public sector company Mazagon Dock Limited under the name of `Mazagon Dock Pipavav Defence Private Limited' on 3 December 2012.
At an extraordinary general meeting held on 3 December 2012, members of Pipavav Defence and Offshore Engineering Company Limited unanimously passed a resolution for issue of 2,45,07,881 fully paid-up equity shares of face value of Rs10 each in the company to its foreign strategic investor SAAB AB, on preferential basis.
Pipavav Defence and Offshore Engineering Company Limited is the defence arm of Pipavav Shipyard Limited (PSL), the largest shipyard in India.
The company has built the most modernised heavy engineering and defence focused infrastructure facilities adjacent to Pipavav Port in Gujarat.
With one of the largest dry docks in the world admeasuring around 662 meters in length and 65 meters in width, it has the capacity to accommodate vessels of up to 400,000 DWT and capability of building large naval vessels, coast guard vessels, warships etc.
It is equipped with two Goliath cranes capable of lifting engines and mega ship blocks weighing up to 1200 tonnes.
The infrastructure facilities are strategically located along the west coast of the country on the sea route connecting the Persian Gulf offering the potential to attract and service the commercial ship & offshore assets repairs business.
The company has already delivered two Panamax bulk carrier of 74,500 DWT to its international customers and will shortly deliver offshore supply vessels to the Oil and Natural Gas Corporation Limited (ONGC).