News Brief | November 2014
Bharati Shipyard exits wind power business
As per its CDR package, Bharati Shipyard has hived off its wind power business to a Ghatge Patil Group company for Rs 555 million. The assets comprised 14 wind turbines generators having a capacity of 15MW located in the Dhule district of Maharashtra and is sold on 'as is where is' basis. The firm has been facing tough times and owes Rs 80 billion to a consortium of 23 banks led by State Bank of India. With these loans turning into NPAs, 11 of the 23 lenders have sold 60 per cent of these loans to Edelweiss Asset. However Syndicate Bank and Canara Bank were planning to exit the consortium and sell their loans worth Rs 5 billion to ARCs. The global meltdown and the slowing shipbuilding industry have been taking a toll on growth.