Bharati Shipyard today said its board has approved a Rs 2,854-crore corporate debt restructuring (CDR) programme as part of efforts to optimise costs.
"The debt restructuring will help us to optimise costs and resources in the time to come," company Managing Director PC Kapoor said in a statement.
Bharati Shipyard's total debt currently stands at Rs 3,250 crore. The restructuring pertains to "Term/Working Capital debt".
The company, which is in advanced stages of completion of its two greenfield shipyards at Dabhol and Mangalore, said it has Rs 6,800 crore order book which would be executed by 2014.
"Majority of our orders come from the European markets, which is currently facing challenging times. However, we are in the process of delivering five vessels in the next six months," Kapoor said.
He said the company would undertake various initiatives to optimise the current resources in view of the overall sectoral slowdown and the challenging economic scenario.
"The overall shipping industry in India is under tremendous pressures. However, Bharati Shipyard is confident of its business model and successfully weathering the current business challenges," he said.
