Delays but not defaults at Bharati

The Bharati Shipyard has reported that though there have been some delays to contracts, there have been no cancellations of its greenfield expansion projects.

The second largest privately-owned shipyard in India has plans to set up three shipyards, in West Bengal, Orissa and Gujarat. Bharati’s Managing Director, Vijay Kumar said that while there was some slow down and delay in payments from clients there have been no defaults. He said that no client has asked for a renegotiation of rates either. Bharati said that some projects were delayed due to procedural issues and unavailability of land.

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