Jessop to Eyes Shipbuilding Project in Haldia

Friday, July 28, 2006
Jessop, a company of the Ruia Group, is planning to invest about $268m in West Bengal to set up a shipbuilding and repairing project and a coach manufacturing unit for underground railway systems. The group is also contemplating a public offering of Jessop, which in turn could be used to part finance the shipbuilding project at Haldia in East Midnapore district, said Pawan Ruia, chairman of Ruia Group. The group would invest close to $214m in shipbuilding activities and the remaining $53.5m would be towards a metro coach manufacturing facility. The company has already applied to the state government for 1,500-acre land for setting up a dry dock for ship manufacturing in Haldia. The group is likely to float a Special Purpose Vehicle (SPV) for the ship building project with leading global players, Ruia said. Ruia have already initiated discussions with few foreign partners like Tech Home of Ukraine and a Singapore outfit.

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