Ahmedabad: Goa based diversified Dempo group controlled Dempo Shipbuilding & Engineering announced to have acquired majority stake of 74% in Modest Infrastructure Ltd, a shipbuilding and ship repairs space in Bhavnagar, Gujarat. The group did not reveal the value of the deal.
Modest Infrastructure is the flagship company of Modest Group promoted by Bhavnagar based first generation entrepreneurs. A recent entrant in the private shipyard space, Modern Infrastructure has expertise to build sophisticated vessels such as product tankers, cement carriers, offshore supply and survey vessels of size up to 6000 dwt.
Apart from the existing Shipyard at Ramsar in Bhavnagar, Modern Infrastructure is in the process of developing a new shipyard at Ratanparwith capability of building and repairing ships up to 50000 dwt.
Dempo Shipbuilding has been engaged in shipbuilding and ship repairs for over four decades. It builds and repairs inland and seagoing vessels of size up to 3500 dwt.
"The acquisition of Modern Infrastructure is in line with the strategic vision of Dempo Group to expand this niche business of the group beyond the shores of Goa. With this acquisition, Dempo Shipbuilding will be able to cater to both international and domestic markets with bigger and technologically advanced vessels to become one of the most prominent shipbuilding organizations in India," read the statement by Dempo Group.
Commenting on the closure of the deal, group chairman Shrinivas Dempo said, "Considering future growth potential of shipbuilding and ship repairs in India, this is a positive development for Indian shipbuilding industry in general and for Dempo Group's shipbuilding business vertical in particular.
Dempo Group is aiming to achieve top line of about Rs 1500 crores in next 5 to 7 years." KPMG Corporate Finance acted as exclusive financial advisor to the Dempo Group whereas J. Sagar & Associates and Fortitude Law Associates were the legal advisors for the transaction.
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