Bharati Shipyard Ltd, is witnessing some slowdown and delay in payments from clients but so far there have been no defaults.
The second largest private sector shipbuilding firm in the country, Bharati Shipyard Ltd, is witnessing some slowdown and delay in payments from clients but so far there have been no defaults, said managing director Vijay Kumar. ?Yes, there is some slowdown and payments are coming late, but so far none of the clients have defaulted,? said Kumar on the sidelines of a conference on ports and shipping organized by the Bombay Chamber of Commerce and Industry on Tuesday.
He added that no client has cancelled orders or approached for renegotiation of rates either. Despite the slowdown, Bharati Shipyard has not cancelled or postponed any of its greenfield expansion projects. However, projects have been delayed due to procedural issues and unavailability of land. Bharati Shipyard is planning to set up three shipyards?one each in West Bengal, Orissa, and Gujarat.