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News about Bharati Shipyard Limited

April 10th, 2007

NSE Press Release

The media had reports that Bharati Shipyard Limited may acquire the UK-based Swan Hunter Shipyard.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. 

Bharati Shipyard Limited has vide its letter inter-alia stated, “We have to state that negotiations were going on with Swan Hunter for purchase of shipyard machinery and there are conditions precedent to be complied with, before the arrangement becomes effective and the same has to receive a final approval of the Board of Directors, which we expect to receive soon. It may be kindly noted that there is no acquisition of overseas shipyard as reported in the press, but only procurement of machineries for shipyard activities in the normal course of business.”

Entry Filed under: Equities, IPO & New Listings, NSE, Shipping