Mumbai: One of India’s top shipyards has conceded it is in a financially ruinous position. Bharati Shipyard warned today that it has become a “sick industrial unit” after its net worth eroded completely as on March 31, 2015.
Efforts are on for possible revival by way of restructuring and additional funding, the private yard said in a filing to the local stock exchange.
“Edelweiss ARC (Assets Restructuring Company), which has taken over major portion of the debts of the company from the financing banks, is assisting the company in the revival by way of restructuring and additional lending,” the filing said.
Edelweiss has in turn said it will pump INR6bn ($94.41m) into the yard.
Bharati Shipyard’s difficulties started five years ago when it bought Great Offshore. The company piled on debts from then on and has struggled to repay them.
