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Dempo Acquires Modest Shipyard in Gujarat
Dempo Group based in Goa, which has diversified business interests in mining, shipbuilding, manufacture of
calcinated carbon and pig iron, media, real estate and sports has acquired a majority stake of 74% in Modest
Infrastructure Ltd, a leading shipyard in Bhavnagar, Gujarat, through the group’s shipbuilding arm Dempo
Shipbuilding and Engineering Pvt. Ltd.,
Modest Infrastructure Limited (MIL) is the flagship company of Modest group promoted by first generation
entrepreneurs. A recent entrant in the private shipyard space, MIL has shown unparalleled growth in the short
span of about 6 years and has developed technical expertise to build sophisticated vessels such as product tankers,
cement carriers, offshore supply / survey vessels of sizes up to 6000 dwt. MIL is well known for the quality of their
products and has client base all over the world. Apart from the existing Shipyard at Ramsar (Bhavnagar), MIL is in
the process of developing a new shipyard at Ratanpar (about 20 kms from Bhavnagar) with capability of building and
repairing ships upto 50000 dwt.
Dempo Shipbuilding and Engineering Pvt. Ltd (DSEPL) has been engaged in shipbuilding and ship repairs for
last about 40 years. DSEPL currently builds and repairs inland and seagoing vessels of size up to 3500 dwt. The
acquisition of MIL has been in line with the strategic vision of Dempo Group’s Chairman Mr. Shrinivas Dempo
to expand this niche business activity of the group beyond the shores of Goa to cater to both international and
domestic markets with bigger and technologically advanced vessels to become one of the most prominent
shipbuilding organizations in India.
Commenting on the closure of the deal, Mr. Dempo said that considering future growth potential of shipbuilding
and ship repairs in India, this is a positive development for Indian shipbuilding industry in general and for Dempo
Group’s shipbuilding business vertical in particular. He further added that excellent infrastructure created by MIL
with expertise and knowledge in building good quality ships coupled with Dempo Group’s experience in shipbuilding
and brand image can add considerable value to MIL to take the company on an accelerated growth trajectory to
generate expected sales of about Rs. 1500 crores in next 5 to 7 years. Managing Director of MIL Mr. Kishor Gambani
expressed his happiness about the successful closure and hoped that this endeavor will help MIL to create much
bigger footprint in the Indian shipbuilding industry.
Well known M & A consultants, KPMG and legal consultants, J. Sagar & Associates and Fortitude Law Associates
facilitated the closure of the deal.
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