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Construction : Deals | September 2014 | Source : Construction Update

Bharati Shipyard sells wind power business for Rs 555 mn

As per the package of CDR, Bharati Shipyard Ltd has sold its wind power business to a Ghatge Patil Group company for Rs 555 million. Bharati’s windmill assets comprised 14 wind turbine generators capable of producing a combined 15 mega watts (MW) of power in Maharashtra. Promoted by naval architects Prakash Kapoor and Vijay Kumar, the firm, which was once India's largest pvt shipyard, owes some Rs 80 billion to a consortium of 23 banks led by State Bank of India. With these loans turning into NPA’s 11 of the 23 lenders have sold 60 per cent of these loans to Edelweiss Asset.
 
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