K Law, UU Argus advise on Pipavav Mazagaon Dock JV to build warships for Navy

Pipavav Defence and Offshore Engineering Company (Pipavav Defence) has entered into a joint venture with Mazagaon Dock Limited (MDL) for construction of surface warships for Indian Navy..The Joint Venture has been entered to further the objectives and in fulfillment of the requirements set forth in the “Guidelines for establishing Joint Venture companies by Defence Public Sector undertakings” dated February 17, 2012 issued by the Ministry of Defence, Government of India..K Law advised Pipavav Defence with a team led by Managing Partner Naina Krishna Murthy along with Partner Praveen Raju and Senior Associate Madhavi Shankar..Udwadia, Udeshi & Argus Partners advised MDL with a team led by Partners Dilip Udeshi and Amol Bavare along with Senior Associate Shubha Karra..MDL is the first among the defense public sector companies to invite and form a joint venture of this kind with a private enterprise..ET reports, the 50:50 joint venture named Mazagon Dock Pipavav will implement part of the existing orders of Mazagon Dock of Rs. 1,00,000 crore ($21.69 billion) and also bid for future defence contracts in India..Mazagon Dock is India’s biggest defence shipyard and accounts for more than 85 per cent of the defence vessels built in the country.