Mercator enters shipbuilding arena

Mumbai: India's Mercator Lines has widened its portfolio by entering the shipbuilding sector through a joint venture with Maharashtra-based Mech Marine Engineers. The company, which has already diversified into the lucrative dredging arena, owns a 60% stake in the venture that will construct two yards on India's west coast, reports the Economic Times.

Construction has already begun on one of the yards in Maharashtra's Palghar area and the company is in the process of finalising the land for the second yard in Gujarat. The yards, which are estimated to be worth a combined Rs 15,00 crore ($377.2m), are expected to construct specialised offshore vessels, jack-up rigs and chemical tankers.  [29/11/07]