Nirmal Bang Securities Pvt. Ltd. - Pipavav Shipyard Limited

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Pipavav Shipyard Limited (PSL) was established in 1997 as
Pipavav Ship Dismantling and Engineering Limited to set
up a ship dismantling facility in order to capitalize on
benefits presented by International Maritime Organization
(IMO) regulations which would have resulted in an
increased rate of retirement of older tankers by shipowners.
The IMO regulations were expected to be
implemented by 2002. However, later the implementation
of IMO regulations was deferred. Subsequently, the
Management then decided to convert its ship‐dismantling
facility into ship construction facility. Most of the
company’s existing infrastructure from the shipdismantling
facility, including two wet docks of
approximately 680 meters in length and 60‐65 meters in
width, were incorporated into the ship construction
facility “Pipavav Shipyard”.
http://www.nirmalbang.com/Upload/Pipavav_IPO%20Note.pdf