An equity round led by the Negen Undiscovered Value Fund has raised Rs 25 crore for Sadhav Offshore, an Indian maritime services company. High-net-worth individuals (HNIs) and family offices also participated in the round.
The money raised will go toward capital projects aimed at establishing a floating dry dock facility.
Currently, Sadhav Offshore provides services for a variety of vessels, including more than 70% of the eastern seaboard FPV fleet of the Indian Coast Guard.
The company has experience working with foreign clients like Svitzer-Maersk and runs a repair facility at Paradip Port. In order to service its propulsion systems, it also keeps up technical alliances with companies such as Kongsberg Maritime. Maritime India Vision 2030 and Sagarmala’s national maritime development goals are in line with this expansion.
India’s ship repair infrastructure, which currently lacks sufficient domestic facilities and frequently forces ships to travel overseas for maintenance, will be significantly improved by the planned dry dock. A dry dock is a unique structure that allows ships to be raised out of the water for maintenance, such as cleaning, repairs, or inspections, on areas that are typically submerged.
It is anticipated that the new facility will decrease delays and increase operational efficiency by providing dependable, locally based repair services for both commercial and defense vessels.
