 Online edition of India's National Newspaper Friday, Nov 27, 2009 ePaper | Mobile/PDA Version |
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NEW DELHI: Singapore-based Sembawang Shipyard, a wholly-owned subsidiary of Sembcorp Marine and Kakinada Seaports (Kakinada Seaports), on Thursday announced a joint venture to establish and operate a marine and offshore facility in India with an investment of $375 million. $375 m investmentThe venture — Sembmarine Kakinada Seaports Ltd. (SKL) — will develop the marine facility in the East Coast near the Krishna-Godavari and Mahanadi basin area in three phases over 3-5 years. “We are optimistic of the region’s growth in terms of shipping and offshore activities, oil and gas drilling and exploration, which will provide sustainable growth and expansion for SKL,” Sembcorp Marine Deputy President and Sembawang Shipyard Managing Director Ong Poh Kwee said. Sembcorp Marine (through Sembawang Shipyard) would hold 19.9 per cent share of the joint venture’s initial investment of $50 million with an option to increase it to 40 per cent, he said.
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