Adani plans JV with Tsuneishi

The Adani group in India is poised to sign a joint venture agreement for its diversification into ship building with the Japanese Tsuneishi group. According to industry sources, the Adani group is close to sealing the deal with Tsuneishi Shipbuilding for the Rs 1,500 crore venture, in which it proposes to hold a majority stake. The Japanese partner, who will bring technical expertise to the venture, will hold a smaller stake.

Tentatively named Adani Shipyard, the proposed venture is to be built at Mundra which also houses the Adani group’s port and special economic zone. The Ahmedabad-based Adani group has also been in talks with European and Korean players for the shipbuilding venture earlier. Apart from shipbuilding, the new venture is also expected to entail repair and maintenance of vessels.