Mumbai: New shipbuilding and repair capacity in India is imminent, with over a dozen new companies queuing up to establish new facilities in one region alone. According to the country's Economic Times, the Gujarat Maritime Board's (GMB) recent call for companies interested in establishing new shipyard facilities along its coast solicited more than a dozen responses. ABG Shipyard, a leading private sector shipbuilding which, according to the newspaper, has an orderbook of almost 50 vessels worth more than $500m, is understood to have submitted expressions of interest for a number of possible new facilities under study by the GMB which had already commissioned a feasibility study on the possible development of shipyards along its coastline, the longest in India. According to the report, five sites were identified. Quite apart from ABG, other companies have are keen on the booming sector as new construction and repair yards come under pressure and are chock-full of business throughout Asia. Meanwhile, India's foreign trade is boom and the offshore oil exploration business is shifting into top gear. [04/01/07]
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