|The Company was incorporated as Pipavav Ship Dismantling and Engineering
Limited on October 17, 1997 under the Companies Act. Subsequently, in April 2005,
the main business of the Company was changed from ship dismantling to shipbuilding
and ship repair. Pursuant to a special resolution adopted by the shareholders of the
Company at an extraordinary general meeting held on April 19, 2005, the name of
the Company was changed to Pipavav Shipyard Limited to reflect the change in the
primary business focus of the Company. The fresh certificate of incorporation to reflect
the new name was issued by the RoC on April 29, 2005. The Company received its
certificate of commencement of business under the Companies Act on December
2, 1997 from the RoC.
With effect from August 18, 2005, the registered office of the Company was changed
from B-1, Maharaja Palace, University Road, Navrangpura, Ahmedabad - 380 009,
Gujarat, India to 904, Shukan Towers, Near Judges Bungalow, Police Chowky,
Bodakdev, Ahmedabad - 380 054, Gujarat, India. The registered office of the Company
was subsequently changed in October 2006 to Pipavav Port, Post Ucchaya, Via
Rajula, Rajula - 365 560, Gujarat, India.
October 1998 The Company acquired the ship dismantling business of GPPL, a
company originally promoted by SKIL. In the same month, the Company
was granted a sub-lease by GPPL for the establishment and operation
of a ship dismantling, repair and building facility in Pipavav Port.
November 2000 Subscription by Unit Trust of India to 12.5% optionally convertible
cumulative preference shares.
April 2005 The main business of the Company was changed from ship dismantling to
shipbuilding and ship repair. The Company also changed its name to reflect
the change in its primary business focus.
January 2006 The Company entered into a Technical Assistance Agreement with SembCorp,
pursuant to which SembCorp agreed to assist the Company in the planning,
designing and construction of the Pipavav Shipyard until the commissioning
stage and to provide technical and management assistance in relation to the
April 2006 The Company received approval from the Development Commissioner, Kandla
SEZ, for setting up a new undertaking under 100% EOU scheme for manufacture
of ships, ship repairs at the site of the Companys registered office.
September 2006 The Company entered into a Basic Agreement for Technical Cooperation with
KOMAC, pursuant to which KOMAC agreed to supply designs and provide
technical services for the Companys shipbuilding project.
September 2006 Subscription by 2i Capital PCC, a Mauritius based venture capital investor, to
optionally convertible bonds of the Company.
September 2006 Subscription by EXIM Bank to Equity Shares of the Company.
October 2006 The Company entered into a share purchase agreement with Metdist Industries
Holdings Limited pursuant to which E Complex became a wholly owned
subsidiary of the Company.
November 2006 The Company secured its first order for construction of four 74,500 DWT
Panamax bulk carriers from Golden Ocean Group Limited, an internationally
reputed ship owning company. In addition, the Company also entered
into an agreement with Golden Ocean Group Limited for the construction of
two optional ships.*
December 2006 The Company secured its second order for construction of four 74,500 DWT
Panamax bulk carriers from SETAF S.A.S. France, a member of the Bourbon
Group in France.*
December 2006 The Company secured orders for twelve 74,500 DWT Panamax bulk carriers
from the AVGI Maritime Services S.A., a company controlled by the Kyrini
Group of Greece. The Company also granted options to the AVGI
group to acquire four additional vessels.*
February 2007 2i Capital PCC further subscribed to optionally convertible bonds of the Company.
March 2007 Private equity investment by Trinity Capital (Nine) Limited, a Mauritius based
March 2007 Private equity investment by New York Life Investment Management Fund
(FVCI) II, LLC, a Mauritius based venture capital investor.
May 2007 Allotment of Equity Shares on account of conversion of 12.5% optionally
convertible cumulative preference shares held by Unit Trust of India.
August 2007 Golden Ocean Group Limited exercised its option and confirmed orders for
constructions of two 74,500 DWT Panamax Bulk Carriers.
September 2007 Punj Lloyd Limited acquired Equity Shares of the Company and became a
Promoter of the Company with an understanding that it will carry out its
offshore business in India through the Company and thereby expand the
Companys business to include offshore fabrication and construction.
September 2007 Private equity investment by Citadel Equity Fund Ltd. CEFL subsequently
transferred its shareholding in the Company to ABN AMRO.
September 2007 Allotment of Equity Shares to 2i Capital PCC on account of conversion of the
optionally convertible bonds of the Company.
November 2007 Subscription by IDBI, IL&FS Trust Company Limited (as Trustee of SCB Asian
Infrastructure Fund), SembCorp and The India Fund Inc. (a Blackstone Group
fund) to Equity Shares of the Company.
December 2007 Subscription by The Asia Opportunities Offshore Markets Fund Limited (a
Blackstone Group fund) and Merrill Lynch International to Equity Shares
of the Company.
January 2008 Subscription by Galleon Special Opportunities Master Fund, SPC Limited -
Galleon Asian Crossover Segregated Portfolio, Manz Retail Private Limited
(Future Group) and Deutsche Bank AG to Equity Shares of the Company.
January 2008 The Company received approval from the Development Commissioner, Kandla
SEZ, for setting up a unit in the SEZ being developed by E Complex in villages
Rampara and Lunsapur for undertaking authorized operations of
manufacturing ships, vessels, hulls and off-shore activities.
February 2008 The Company commenced steel cutting for the construction of the first four
ships with effect from February 11, 2008.
April 2009 The Company commenced commercial production with effect from April 1, 2009.
June 2009 The Company received a notification of award of contract of 12 OSVs from ONGC.