Banks May Gain Power to Auction Ships

16 Sep 2024 CW Team

In response to growing concerns over loan defaults in the maritime sector, Indian banks might soon receive the authority to auction ships. This move aims to provide a more effective remedy for financial institutions dealing with non-performing loans in the shipping industry.

Currently, banks face challenges in recovering dues from defaulting shipowners due to the complexities involved in liquidating maritime assets. The proposed regulation would enable banks to auction ships directly, streamlining the process and enhancing their ability to recoup funds.

This development is expected to have significant implications for both the banking sector and the shipping industry. For banks, it offers a new tool to manage and mitigate risk associated with ship financing. For the shipping industry, it underscores the need for robust financial planning and adherence to loan agreements.

The measure reflects a broader trend of regulatory adjustments aimed at improving financial stability and operational efficiency within sectors heavily reliant on asset-based lending.

Infrastructure Urban

09 Mar 2026

Flender Inaugurates Wind Gearbox Test Rig In Chennai

Chennai, 6 March 2026: Flender has inaugurated a 13.5 MW wind turbine gearbox test rig at its Walajabad facility near Chennai, marking the installation of the largest test rig of its kind in India. The facility was inaugurated on 5 March in the presence of Andreas Evertz, CEO, Flender Group; Lars Wiegemann, Vice President – Wind Gears; and Vinod Shetty, CEO, Flender India.The test rig has been developed to support testing and validation of wind turbine gearboxes, strengthening the company’s capabilities in the renewable energy sector. The commissioning was completed within three months thr..

BMW Industries partners with IOCL for PNG supply at Bokaro plant

BMW Industries has entered into a strategic partnership with Indian Oil Corporation (IOCL) for the supply of Piped Natural Gas (PNG), reinforcing its commitment to adopting cleaner and more efficient energy sources for its operations.The agreement was signed at the Eastern Region Pipelines (ERPL) headquarters in Kolkata. The partnership is expected to support the company’s upcoming manufacturing facility in Bokaro by facilitating the use of natural gas as a primary energy source.According to the company, the adoption of PNG will help enhance operational efficiency while also contributing to ..

Bombay Realty Secures RERA for Three ICC Tower in South Mumbai

Bombay Realty, the real estate arm of Bombay Dyeing and part of the Wadia Group, has received Real Estate Regulatory Authority (RERA) certification for Three ICC – Wing A, the latest luxury residential tower at Island City Center in Mumbai’s Dadar.The RERA registration marks a key milestone in the development timeline and reinforces the company’s focus on regulatory transparency, timely project delivery, and high construction standards.Following the success of One ICC and Two ICC, the upcoming Three ICC tower represents the next phase of the Island City Center development. The project ai..