Bharati Defence and Infrastructure Limited

Bharati Defence and Infrastructure Limited is an Indian shipbuilding and defence-infrastructure company whose roots extend to the establishment of Bharati Shipyard Limited in 1976. The business was founded by Prakash C. Kapoor and Vijay Kumar, who had studied ocean engineering and naval architecture at the Indian Institute of Technology, Kharagpur, and had worked at Mazagon Dock Limited. From its Mumbai base, the company developed shipbuilding facilities and a portfolio serving commercial maritime, offshore, government and defence customers. The company became publicly listed in December 2004, with shares admitted to trading on the Bombay Stock Exchange and the National Stock Exchange of India. During its expansion phase it pursued acquisitions intended to increase geographic reach, production capacity and access to specialist shipbuilding capabilities. In 2005 it acquired a 51% interest in Goa-based Pinky Shipyard Private Limited. In 2007 it acquired the equipment and infrastructure of the bankrupt British shipbuilder Swan Hunter, including major cranes and a floating dock. The equipment was dismantled, transported to India and installed at the company's Dabhol facility. In 2009 Bharati Shipyard secured majority control of Great Offshore Limited after competing with ABG Shipyard, and in November 2010 it acquired a majority stake in Tebma Shipyards, a South Indian shipbuilder, for approximately INR 757.5 million. Its industrial scope included jack-up rigs, platform supply vessels, tractor and azimuth-stern-drive tugs, dredgers, deep-sea fishing vessels, bulk carriers, cargo ships, container ships, tankers and roll-on/roll-off vessels. The company also pursued defence and government contracts. In March 2009 it received an INR 2.8 billion contract to build 15 high-speed interceptor boats for the Indian Coast Guard. Its facilities and subsidiaries were associated with yards in Ratnagiri, Dabhol, Mangalore, Kolkata, Goa and parts of southern India, along with structural-quality-assurance operations in the Thane district. The expansion strategy left the shipyard group heavily indebted. By 2015 the business was experiencing severe financial distress. During restructuring efforts, Edelweiss Asset Reconstruction Company acquired 70% of the company's debt from lending banks. The company also changed its name from Bharati Shipyard Limited to Bharati Defence and Infrastructure Limited, reflecting a greater stated emphasis on defence-related activity. The restructuring plan was ultimately rejected by the Mumbai Bench of the National Company Law Tribunal in January 2019. The tribunal found the proposed plan insufficiently practical and viable and ordered liquidation under the applicable insolvency regulations. The liquidation order was challenged, but the National Company Law Appellate Tribunal upheld the decision in May 2019 while directing that the company be maintained as a going concern during liquidation. The appellate tribunal cited the national importance of the company's defence-related product line, including contracts involving the Ministry of Defence, the Indian Coast Guard and Indian Customs, as well as advances already paid by government departments and the company's workforce of more than 850 employees. The liquidator subsequently sought bids for a consolidated going-concern sale, and the process continued through several extensions and asset-related orders. In January 2025, the company was acquired as a going concern under the leadership of Sandeep Omprakash Agarwal following approval by the Mumbai Bench of the National Company Law Tribunal, and the liquidation proceedings were closed. Company communications described the transaction as a revival and a reset of the business's governance and operating foundation. The revived organization has presented its intended direction as aligned with India's Atmanirbhar Bharat and Make in India policies, with an ambition to participate in indigenous defence manufacturing, shipbuil…

Bharati Defence and Infrastructure Limited originated as Bharati Shipyard Limited, founded in 1976 by Prakash C. Kapoor and Vijay Kumar. Both founders were graduates of the Ocean Engineering & Naval Architecture program at IIT Kharagpur and had professional experience at Mazagon Dock Limited. The company established itself as an Indian shipbuilder with operations headquartered in Mumbai and facilities in several coastal and inland industrial locations. The business expanded through a combination of organic development and acquisitions. It became publicly listed in December 2004 on both the Bombay Stock Exchange and the National Stock Exchange. In 2005 it bought a 51% stake in Goa-based Pinky Shipyard Private Limited. In 2007 it acquired the equipment and infrastructure of Swan Hunter after the British shipyard entered bankruptcy. The assets, including prominent cranes and a floating dock, were dismantled and transported to India for installation at Bharati's Dabhol yard. In 2009 the company won majority control of Great Offshore in a contest with ABG Shipyard. In November 2010 it acquired a majority stake in Tebma Shipyards for INR 757.5 million. Its facilities included shipyards at Ratnagiri, Dabhol, Mangalore and Kolkata, a structural-quality-assurance facility in the Thane district and, through subsidiaries, yards in Goa and southern India. The Dabhol yard covered approximately 300 acres and became an important part of the group's capacity. The product range covered offshore and commercial vessels as well as defence-related craft, including jack-up rigs, platform supply vessels, tugs, dredgers, fishing vessels, bulk carriers, cargo and container ships, tankers and roll-on/roll-off vessels. A notable government contract was awarded in March 2009 for the construction of 15 high-speed interceptor boats for the Indian Coast Guard. The acquisition-led expansion and challenging shipping-market conditions contributed to substantial indebtedness. By 2015 the group was in serious financial difficulty. Edelweiss Asset Reconstruction Company acquired 70% of the debt from lending banks as part of the proposed restructuring. During this period the company changed its name to Bharati Defence and Infrastructure Limited, signaling an intended concentration on defence-related business. The restructuring proposal did not receive tribunal approval. In January 2019 the Mumbai Bench of the National Company Law Tribunal rejected the plan submitted by Edelweiss ARC under the Insolvency and Bankruptcy Code. The tribunal considered the proposal insufficiently practical and viable, noting uncertainties in its implementation, a proposed reduction of public shareholding to roughly 2% from about 60%, and a plan to build only nine of 24 defence vessels then on order while cancelling the remaining vessels without liability for penalties. The tribunal directed liquidation and appointed Vijay Kumar V. Iyer of Deloitte Touche Tohmatsu India LLP as liquidator. The order was appealed to the National Company Law Appellate Tribunal. In May 2019 the NCLAT upheld liquidation but required that the company be maintained as a going concern during the process. It emphasized the national importance of the company's defence-vessel contracts with the Ministry of Defence, the Indian Coast Guard and Indian Customs, the advances already paid by government departments and the presence of more than 850 employees. The liquidator pursued a consolidated sale of the business as a going concern. The process continued for several years, including a reserve price of INR 615 crore set in February 2021 and multiple subsequent extensions and orders concerning assets and the liquidation process. In January 2025, following approval from the Mumbai Bench of the National Company Law Tribunal, the company was acquired as a going concern under the leadership of Sandeep Omprakash Agarwal. The liquidation proceedings were then closed. Communications associated with the revived company described a new governance and operating foundation aligned with the Indian government's Atmanirbhar Bharat and Make in India initiatives. The stated future direction centers on indigenous defence manufacturing, shipbuilding and advanced deep-technology systems. Publicly documented information about the revived company's exact ownership, current contracts, management team and financial performance remains incomplete.

1. 2025Acquisition and revival

   The company was acquired as a going concern under Sandeep Omprakash Agarwal, and liquidation proceedings were closed in January.

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2. 2021Going-concern reserve price established

   The liquidator set a reserve price of INR 615 crore for sale of the company as a going concern.

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3. 2019Liquidation ordered and going-concern operation preserved

   The NCLT ordered liquidation in January, while the NCLAT later directed that the company continue operating as a going concern during liquidation.

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4. 2015Name changed during debt restructuring

   The company adopted the name Bharati Defence and Infrastructure Limited while addressing severe financial distress and debt restructuring.

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5. 2010Tebma Shipyards acquisition

   Bharati Shipyard acquired a majority stake in Tebma Shipyards.

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6. 2009Great Offshore control and Coast Guard contract

   Bharati Shipyard won majority control of Great Offshore and received an order for 15 high-speed interceptor boats for the Indian Coast Guard.

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7. 2007Swan Hunter assets acquired

   The company acquired the equipment and infrastructure of bankrupt British shipbuilder Swan Hunter and installed key assets at Dabhol.

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8. 2005Pinky Shipyard acquisition

   Bharati Shipyard acquired 51% of Goa-based Pinky Shipyard Private Limited.

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9. 2004Public listing

   The company became publicly listed in December on the Bombay Stock Exchange and the National Stock Exchange of India.

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10. 1976Bharati Shipyard founded

    Prakash C. Kapoor and Vijay Kumar established Bharati Shipyard Limited in India.

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Indian shipbuilding and defence-infrastructure enterprise positioned around commercial vessel construction, government and defence contracts, indigenous manufacturing and the post-2025 revival of a historically significant shipyard group.

• High-speed interceptor boatsDefence vessels2009

  Bharati Shipyard received a March 2009 contract to construct 15 high-speed interceptor boats for the Indian Coast Guard. The order represented the company's participation in India's government and maritime-security procurement sector.

• Offshore vessels and rigsOffshore marine equipment

  The company's historical portfolio included jack-up rigs and platform supply vessels intended for offshore industrial and energy-related operations. These products complemented its broader commercial shipbuilding activities.

• Tugs and dredgersWorkboats

  Bharati Shipyard built tractor tugs, azimuth-stern-drive tugs and dredgers for port, harbor, construction and marine-support applications.

• Commercial cargo vesselsCommercial ships

  The historical product range included bulk carriers, general cargo ships, container ships, tankers and roll-on/roll-off vessels, giving the company exposure to several segments of commercial maritime transport.

• Fishing vesselsCommercial and fishing vessels

  The shipyard also built deep-sea fishing vessels as part of its wider commercial and specialized-vessel portfolio.

• 2025Going-concern acquisition and revivalM&A

  The company had remained in a prolonged liquidation process following the 2019 tribunal order and subsequent attempts to sell it as a going concern.

  What changed. Under the leadership of Sandeep Omprakash Agarwal, Bharati Defence and Infrastructure Limited was acquired as a going concern following approval by the Mumbai NCLT, and liquidation proceedings were closed.

  Aftermath. The revived company stated that it intended to rebuild its governance and operations around indigenous defence manufacturing, shipbuilding and advanced deep-technology systems aligned with Atmanirbhar Bharat and Make in India.

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• 2019Liquidation ordered after resolution plan rejectionOther

  The Mumbai Bench of the NCLT reviewed a resolution plan submitted by Edelweiss ARC amid the company's financial distress and insolvency proceedings.

  What changed. The tribunal rejected the plan as insufficiently practical and viable and directed liquidation under the Insolvency and Bankruptcy Code framework.

  Aftermath. The NCLAT upheld liquidation but required the company to operate as a going concern during the process because of its defence contracts, government advances and workforce.

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• 2015Rename the company to emphasize defenceStrategy

  The shipbuilding group was heavily indebted and undergoing a restructuring process in which Edelweiss Asset Reconstruction Company acquired a majority of the debt held by lending banks.

  What changed. Bharati Shipyard Limited changed its corporate name to Bharati Defence and Infrastructure Limited, indicating an intended concentration on defence-related activity.

  Aftermath. The restructuring plan was rejected by the NCLT in 2019, which ordered liquidation. The company was later acquired and revived as a going concern in 2025.

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• 2025Bharati Defence and Infrastructure acquired and revived

  The company was acquired as a going concern under the leadership of Sandeep Omprakash Agarwal after approval by the Mumbai Bench of the National Company Law Tribunal, with liquidation proceedings closed in January.

  M&A
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• 2021Going-concern reserve price set during liquidation process

  The liquidator set a reserve price of INR 615 crore for a sale of the company as a going concern.

  BankruptcyPricing
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• 2019NCLT orders liquidation of Bharati Defence and Infrastructure

  The Mumbai Bench of the National Company Law Tribunal rejected Edelweiss ARC's resolution plan as impractical and non-viable and ordered the company into liquidation.

  BankruptcyRegulation
  Source
• 2019NCLAT keeps company operating as a going concern during liquidation

  The National Company Law Appellate Tribunal upheld liquidation but directed that the business continue as a going concern because of the national importance of its defence contracts and workforce.

  BankruptcyRegulation
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• 2015Company renamed Bharati Defence and Infrastructure Limited during restructuring

  Amid severe financial distress and a debt restructuring effort led by Edelweiss Asset Reconstruction Company, Bharati Shipyard changed its name to Bharati Defence and Infrastructure Limited.

  Leadership changeBankruptcy
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• 2010Bharati Shipyard acquires majority stake in Tebma Shipyards

  Bharati Shipyard acquired a majority interest in Tebma Shipyards, strengthening its presence in southern Indian shipbuilding.

  M&A
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• 2009Bharati Shipyard wins control of Great Offshore

  Bharati Shipyard obtained majority control of Great Offshore after a competitive bidding process involving ABG Shipyard.

  M&A
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• 2009Indian Coast Guard interceptor-boat contract awarded

  The company received a contract valued at INR 2.8 billion to build 15 high-speed interceptor boats for the Indian Coast Guard.

  Product launchOther
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• 2007Bharati Shipyard acquires Swan Hunter equipment and infrastructure

  The company purchased equipment and infrastructure from the bankrupt British shipbuilder Swan Hunter and transferred major assets to its Dabhol yard in India.

  M&A
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• 2005Bharati Shipyard expands through Pinky Shipyard stake

  Bharati Shipyard acquired a 51% interest in privately held Pinky Shipyard Private Limited in Goa, expanding its operating footprint.

  M&A
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1. Bharati Defence and Infrastructure Limited