April 10, 2007
Bharati gives more details on Swan Hunter deal
India's Bharati Shipyard Ltd. has issued a stock exchange notice regarding yesterday's local press reports speculating that it had bought Britain's Swan Hunter.
According to the stock exchange announcement, Bharati has been in negotiations with Swan Hunter for the purchase of shipyard machinery and there are conditions precedent to be complied with, before the arrangement becomes effective. It also has to receive final approval from its Board of Directors, which it expects to receive soon. There is no "acquisition of an overseas shipyard as reported in the news item, but only procurement of machineries for shipyard activities in the normal course of business."