A ground-breaking public-private joint venture between Indian shipbuilders Pipavav Defence and Offshore Engineering and Mazagon Dock (MDL) has been approved to operate by national regulators: a decision that follows two previous rejections in the two years since the planned partnership was announced. Privately owned and stock market listed Pipavav and MDL - a state-controlled Public Sector Undertaking -are now clear to create Mazagon Dock Pipavav Defence Joint Venture to build warships for the Indian Navy. Clearance to proceed by the Indian Ministry of Defence (MoD) was announced to the Bombay Stock Exchange by Pipavav on 12 July.
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