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The Honorary Chief Minister of Gujrat Mr. Modi’s visit for inauguration of Hull # 307


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.


Saurashtra Samachar
CM Visit at Modest.
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