The Hindu Business Line : `Good Earth Maritime has no designs on HSL'

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Visakhapatnam Feb. 2 The Chennai-based Good Earth Maritime Ltd (GEML) has no designs on the Hindusthan Shipyard Ltd here and "there is no attempt by our company, overtly or covertly, to take over the yard," according to the Chairman, Mr P.B. Anandam.

Mr Anandam made the assertion at a meeting in the shipyard here on Thursday morning after his wife laid the keel for the third 30,000-DWT bulk carrier to be built by the HSL for the company.

`No basis'

Referring to speculation that GEML was poised to take over HSL, Mr Anandam said there was no basis for it and there was only a strategic partnership between the company and the yard.

"I have immense faith in the capabilities of the yard and workforce here. That is why our company signed the agreement with the HSL and entered the yard, and we placed orders for ten bulk carriers even without a bank guarantee. I am also emotionally attached to the HSL, as I hail from a village near Rajahmundry. My company is committed to the revival of the yard," he said.

Mr Anandam said there need not be any apprehensions on the privatisation of the HSL and the workers could rest assured that the Government would not resort to such a move, if they continued to work hard, as they had been doing for the past two years with the assistance of the GEML.

"There is perfect synergy between the GEML and the HSL. It is mutually beneficial. There is no attempt on our part to make a backdoor or side-door entry into the HSL," he assured the workers, speaking in Telugu.

He said his company had placed orders for 10 bulk carriers (four 30,000-DWT ones and six 53,000 DWT ones) worth Rs 1,000 crore and later orders for six more ships (53,000 DWT) worth Rs 750 crore would be placed.

Doing well

Rear-Admiral Mr Ajit Tewari, Chairman and Managing Director of the HSL, thanked GEML for its support and for placing faith in the yard. He said the first ship for the company would be delivered soon and the second was under construction. The third ship, for which keel was laid on Thursday, would be delivered in 11 months, he added.

Mr Tewari said that the HSL was having orders for 20 ships and eight were under construction. "At a crucial time, the GEML has come to the aid of the yard. The HSL has been functioning very well during recent years and it is shown in the financial results," he pointed out.

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