KOLKATA: Titagarh Wagons Ltd promoter Titagarh Group has proposed a Rs 650-crore shipbuilding project in West Bengal.
"We will begin shipbuilding activity from our existing 60 acres land in Kakinara in North 24 Parganas district. In second phase, we would do it in Kulpi in South 24 Parganas. Total estimated investment in both the locations would be Rs 650 crore," Titagah group chairman J P Chowdhary said.
He said being a heavy engineering company, the group has expertise in managing such projects. However, plans are still at preliminary stage and would require management board approval.
Titagarh Marine Ltd had been floated by the group to venture into new line of business.
"Financing issues are been worked out but Titagah Wagons will have a stake in the venture," Chowdhary said.
Kakinara project will come up on closed Titagah Paper Mill and would build ships upto 150 metres of length. Investment will be between Rs 100 and 200 crore here, Chowdhary said at the sidelines of a CII interactive programme.
The group was hopeful of getting 447 acres of land at Kulpi which was single crop land and there had been continuous erosion there, he said. "Land owners are more than eager to handover their land for the two reasons."
As of now the Chowdhays do not have any specific plans to induct strategic partners for the shipbuilding initiative.
"We will begin shipbuilding activity from our existing 60 acres land in Kakinara in North 24 Parganas district. In second phase, we would do it in Kulpi in South 24 Parganas. Total estimated investment in both the locations would be Rs 650 crore," Titagah group chairman J P Chowdhary said.
He said being a heavy engineering company, the group has expertise in managing such projects. However, plans are still at preliminary stage and would require management board approval.
Titagarh Marine Ltd had been floated by the group to venture into new line of business.
"Financing issues are been worked out but Titagah Wagons will have a stake in the venture," Chowdhary said.
Kakinara project will come up on closed Titagah Paper Mill and would build ships upto 150 metres of length. Investment will be between Rs 100 and 200 crore here, Chowdhary said at the sidelines of a CII interactive programme.
The group was hopeful of getting 447 acres of land at Kulpi which was single crop land and there had been continuous erosion there, he said. "Land owners are more than eager to handover their land for the two reasons."
As of now the Chowdhays do not have any specific plans to induct strategic partners for the shipbuilding initiative.
No comments:
Post a Comment