Pipavav Shipyard to raise $125m.
Economic Times (New Delhi, India), September, 2007
Byline: Anto T Joseph
Sep. 20--MUMBAI, India -- Punj Lloyd and SKIL Infrastructure, co-promoters of Pipavav Shipyard (PSL), are raising $125 million private equity through pre-IPO deals.
After New York Life, 2i Capital and Trikona Capital infused $75 million -- $25 million each -- PSL has now roped in Citadel, the $17-billion US fund, and is in final talks with AIG for $25 million each, to take the total PE investments to $125 million.
The shipyard, currently being built at Pipavav, on the Gujarat coast, has attracted many financial investors. Sources said the five US-based investors will cumulatively hold around 40 percent in PSL, which claims to build a 600-metre-long dry dock, the third-largest in the world after Hyundai's yard in South...
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