Edelweiss assumes management control of Bharati Shipyard

Edelweiss Asset Reconstruction Company, part of private equity firm Edelweiss, has taken over management control of Bharati Shipyard. Edelweiss now controls 70% of the Indian yard’s debts.

Edelweiss is now looking to raise cash to pump into the struggling yard, whose history dates back to 1973.

A month ago plans were made to change the yard’s name to Bharati Defence and Infrastructure as part of a new business direction making warships for the Indian Navy.

Bharati Shipyard warned on July 22 that it has become a “sick industrial unit” after its net worth eroded completely as on March 31, 2015.

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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