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Strategic stake sale in the last stage: Pipavav Shipyard
Pipavav Shipyard had earlier indicated that it will issue a 26% fresh equity to the strategic investor. It had also said that the potential strategic partner could be a major national or international player from the oil and gas sector
Speaking to CNBC-TV18, Nikhil Gandhi, Chairman of Pipavav Shipyard
informed that work on the strategic stake sale has entered its final
stage. “We are working aggressively on that,” he said.
He also said the basic contours remain the same.
On the offshore side, he said, the company is working on strengthening
its team. “We are working on big orders in offshore and defense
segment,” he added.
Here is a verbatim transcript of the exclusive interview with Nikhil
Gandhi on CNBC-TV18. Also watch the accompanying video.
Q: We spoke a few weeks back and you said it will be a matter of weeks
before you can disclose the strategic stake sale that you have been
working on. Are you ready with it?
A: We are almost there, but any major development has its last moment;
fine tuning and working. Everybody, when they want to partner with you
has larger than life expectation. So, it is important that interest of
both the parties and shareholders on both the sides are well protected.
So, we are in the middle of doing all of those things. I think we are
quite there.
Q: So, will you sign in the month of August or September?
A: I cannot say those things clearly, but we are working aggressively on
that subject.
Q: But basic contours remain the same, 26% strategic investor, more
connection between oil and gas player and in terms of this tie-up.
A: I agree with you that that’s the idea and that’s the discussion. We
are very excited about the discussions. But we also have to ensure that
while doing anything of that sort, our shareholders interest is well
protected and goes forward from here. So, this is what we are working
towards.
Q: What is the larger than life problem in that case because some of
these basic contours seem to be put into place, so where is the trip up
happening?
A: It is like any new investor wanting to make a significant investment
in any company wants to play overnight the bigger role than they can
play. I always believe in balancing things because it is important to
ensure that existing and the new proposed players play the role based on
their own expertise and experience. So, that together it becomes 1+1=11
and not 1+1=2. So, we are trying it hammer those things out.
Source: CNBC-TV18
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