Pipavav Shipyard, India’s largest by capacity, is set to restart operations after surviving bankruptcy

MUMBAI: Pipavav shipyard, India’s biggest shipbuilder by capacity, will spring back to life after a new management led by Swan Energy Ltd took control of the company under the bankruptcy law,
with the dry docking of an Indian Coast Guard ship this Hazel Infra Ltd, the special purpose vehicle 74 percent owned by Swan Energy Ltd and 26 percent by Hazel Mercantile Ltd, that acquired the bankrupt shipyard, has hired German national Carsten Schumacher as the yard’s Chief Operations Officer (COO). Carsten is a former executive at Damen Shipyards Group based in the Netherlands.

Hazel Infra quoted some Rs2,100 crores to buy Reliance Naval and Engineering Ltd (RNAVAL) under the Insolvency and Bankruptcy Code (IBC).