Bharati Shipyard to build oil rigs

Private shipyard major Bharati Shipyard has firmed up plans to foray into oil rig construction. The company, which operates three yards currently, has tied up with reputed US-based oil manufacturing company for the project.

The development comes with domestic majors crowding the Indian offshore space scouting for brand new oil rigs, which cost around Rs 900 crore.

P C Kapoor, chairman and managing director, said: