Adani Plans Joint Venture with Tsuneishi

Wednesday, April 25, 2007
The Adani group has finally zeroed in on a joint venture partner for its diversification into shipbuilding Japanese Tsuneishi group. According to sources, the Adani group is close to sealing the deal with Tsuneishi Shipbuilding Company for the Rs 1,500 crore venture, in which it proposes to hold a majority stake. The Japanese partner, who will bring technical expertise to the venture, will hold a smaller stake. Tentatively named Adani Shipyard, the proposed venture is expected to have a debt-equity ratio of 3:1 and is slated to come up at Mundra, that also houses the Adani group's port and special economic zone, the sources added. Confirming the development, Adani group chairman Gautam Adani, who is just back from a visit to Japan as part of a state-level business delegation, said that the joint venture agreement would be inked as soon as the feasibility study was completed. source: Times of India

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