Square Port Shipyard signs MoU with Damen Technical Cooperation B.V.

Square Port Shipyard located at Dabhol in Konkan region has signed a Memorandum of Understanding (MoU) with Damen Technical Cooperation B.V. (group company of Damen Shipyards Group N.V) to bolster its maritime capabilities. Damen Technical Cooperation B.V. will help Square Port develop an efficient, profitable and sustainable shipyard for building Damen portfolio of ships for India and for export.

Mr.Dingeman van Worden, Regional Sales Director, Damen Shipyards commenting on signing of MoU said, "Physical presence in world's fastest growing economies is critical for Damen Shipyards. The availability of good infrastructure and economic labour costs will strengthen our competitive edge in global market. The tie up with Square Port Shipyard enables Damen imprint its ship building culture to clients as a unique parcel of quality at competitive prices."

Damen is widely known for design and construction of ships, ship components, ship repair and conversion and ship maintenance. It also provides a broad range of associated maritime services. Damen and its affiliated companies operate several wholly owned and joint venture ship building and/or repair yards and/or service hubs across the world.

Mr. Fattesingh Patil, Director, Square Port Shipyards Pvt. Ltd. commenting on the development said, "The tie up with Damen Shipyards is in line with our vision to transform India's maritime landscape through innovative technologies and sustainable methodologies. Access to latest ship building technology and processes will give us the competitive advantage and help gain market share. It will also address the issue of capacity constraints plaguing the Indian ship building and repair industry. The tie up is significant milestone in our journey to be a one stop centre for clients looking for ship building and repair services in India."

Square Port Shipyard is a subsidiary of Hazoor Multi Projects Limited. This shipyard located at Dabhol (Ratnagiri) was earlier owned by Bharati Defence Infrastructure Limited.

Source : Equity Bulls

Keywords

HazoorMultiProjects SquarePortShipyard MoU DamenTechnicalCooperationBV