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From Monsters and Critics.com Business News Singapore - SembCorp Marine, the world's second-largest builder of offshore oil rigs, is paying 29 million Singapore dollars (19 million US dollars) for a stake in an Indian shipyard, it confirmed Tuesday. The purchase of a 3.31 per cent take in Pipavav Shipyard Ltd (PSL) is the Singapore company's first investment in India. With the investment, SembCorp Marine is aiming to establish other business ventures and 'grow our marine and offshore business in India,' said Ng Thiam Poh, senior vice-president of corporate development. The company has also entered into a technical assistance agreement with PSL, which includes advising on the design of the shipyard, its layout and infrastructure. PSL is located on the west coast of India. The 85-hectare shipyard is scheduled for completion in September 2008. © 2007 dpa - Deutsche Presse-Agentur© Copyright 2007 by monstersandcritics.com. This notice cannot be removed without permission. |