Hindustan Shipyard Ltd (HSL) is laying the ground to bid for and win the contract to build at least six submarines for Indian Navy, in partnership with Adani group, even as it is focused on completing its pending contracts on time, HSL chairman and managing director Rear Admiral (Retd) LV Sarat Babu said on Monday.
Speaking to TOI from Visakhapatnam, Sarat Babu said HSL has decided тАШin principleтАЩ to set up a special purpose vehicle (SPV) with the Adani group. тАЬThe decision is in principle because it will have to be approved by the ministry of defence (MoD). Adani group and HSL have not reached a stage to decide on the shareholding in the SPV,тАЭ he said, while adding that the partnership is aimed at leveraging its balance sheet.тАЬAdani group will give us the financial muscle to bid for the six submarines. We would be providing the technical expertise,тАЭ he said. Asked whether HSL had the technical expertise to build a highly sophisticated vessel like a submarine, Sarat Babu said the shipyard has a long experience in retrofitting submarines. тАЬWe have retrofitted several submarines from scratch, so we have the expertise in what goes into its construction. Some of our competitors have expertise in constructing the hull of the submarine. We will be able to source this expertise as well if we win the contract,тАЭ he added. Read More…
