Mangalore yard behind time, admits Bharati Shipyard

"There is a slight delay in Mangalore because of the government approvals," Managing Director P C Kapoor told reporters after its annual general meeting here.

Stating that "it is a minor delay", Kapoor refused to offer any time for completion. Asked if its issues related to land acquisition is impeding the progress of the project, he said, "yes, land acquisition and other government approvals (are delaying it)."

The Mangalore yard is the company's sixth facility and is being built on the banks of Gurpur river. The yard will have a capacity to build up to 60,000 DWT on completion.

"Delay at the Dabhol or Mangalore yard could adversely affect operational capacity," the company said in its annual report. However, Kapoor pointed out that the work on the Dabhol yard on the Konkan coast of Maharashtra is on track.

To a query on Great Offshore (GO), Kapoor said the company has no immediate plans to increase its stake in GO from the current 49 per cent. Bharati had beat rival ABG after a sustained battle for control over GO late last year.

On fund raising, Kapoor said, the GO shareholders had in April passed an enabling resolution to raise up to Rs 1,730 crore and the company will be deciding on how much to raise and which route to take in the next six to nine months depending on market conditions.