What Modest Infrastructure Pvt Ltd does

Modest Infrastructure Pvt Ltd (MIPL) is an Indian private shipbuilding and ship repair company headquartered in Goa (Panaji), with its registered office in Mumbai and an operational shipyard at Ramsar in Bhavnagar, Gujarat. Incorporated in 1994 originally as a shipping agent, the company built 15 years of ship repair, modification, and re-commissioning experience before entering shipbuilding in 2009 with the establishment of the Ramsar yard. MIPL currently constructs mid-sized vessels up to 6,000 DWT — including double-hull product tankers (1,450-3,300 DWT), bulk cement carriers (2,800-4,000 DWT), a DP2-classified geotechnical survey vessel, offshore dumb barges, fuel barges, and naval auxiliary vessels — and operates two dry docks (93m x 16m x 3.5m and 110m x 20m x 4.5m) on a 220-meter waterfront spanning 67,000 sq. meters, with capacity to build eight vessels simultaneously. Vessels are built to class under Bureau Veritas, American Bureau of Shipping, and Indian Register of Shipping certification, and the yard holds ISO 9001:2015 certification from the Indian Register of Quality Systems.

The company's revenue model is contract-based and project-driven: each vessel is delivered under a one-time construction contract, supplemented by transaction-based ship repair and offshore rig repair services. Pricing is custom and quote-based with no public tiers, and go-to-market is direct enterprise field sales targeting shipping companies, industrial clients, and the Indian Navy, conducted through the corporate website (modship.com), vendor registration, and direct outreach. Customers span domestic and international shipping operators (e.g., Turquoise Management, John H Whitaker Tankers, RIX Shipping), industrial bulk shippers (Ambuja Cements), offshore survey operators (Coastal Marine Construction & Engineering), and government defense (Indian Navy), with deliveries completed to clients in the UK, UAE, Mauritius, Italy, Liechtenstein, and India.

Since 2012, MIPL has operated as a 74%-owned subsidiary of Dempo Shipbuilding and Engineering Pvt. Ltd., part of the diversified Dempo Group (annual turnover approximately Rs. 1,000 crores across mining, calcined petroleum coke, pig iron, real estate, media, tourism, paints, food processing, and shipbuilding). The company is currently executing a major capacity expansion via a proposed new shipyard at Ratanpar, Bhavnagar — approximately 23 km from the existing Ramsar facility — with a 1.4 km waterfront across 40 acres, Environmental Clearance and CRZ Clearance already secured, and a planned capacity to build vessels up to 45,000 DWT. Projected revenue at full Ratanpar ramp is approximately Rs. 1,500 crores over a 5-7 year horizon, representing a step-change from current scale and a pivot toward larger commercial tankers, OSVs, and PSVs.

Name

Modest Infrastructure Pvt Ltd

Legal name

Modest Infrastructure Pvt. Ltd.

Website

https://modship.com

Company type

Private

Founded year

1994

Operating status

Operating

Short description

Modest Infrastructure Pvt Ltd is an Indian private shipbuilder and ship repairer at Bhavnagar, Gujarat, majority-owned by Dempo Group, building mid-sized product tankers, cement carriers, offshore vessels, and naval auxiliaries up to 6,000 DWT with a 45,000 DWT expansion planned.

Ownership category

akta.pro rank

Product category

Shipbuilding and Ship Repair

NAICS

Ship Building and Repairing (336611)

SIC

Ship & Boat Building & Repairing (3730)

akta.pro primary industry

Yard Layout & Production Facilities (Assembly Bays, Block Fabrication Shops, Warehouses) (IMAJALAG)

akta.pro secondary industries

Launch & Retrieval Infrastructure (Slipways, Cradles, Travel Lifts, Launching Systems) (IMAJALAE), Government & Municipal Service Craft (Research, Survey, Inspection, Buoy Tenders) (IMAJADAL), Offshore Barge & Tender Assist Vessel Construction (IMAJACAH)

Keywords

• Shipbuilding services
• Vessel construction
• Ship repair services
• Marine fabrication
• Offshore vessels

Headquarters

HQ city

Panaji

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Shipbuilding: Custom vessel construction for domestic and international clients. Builds product tankers, oil tankers, offshore survey vessels, cement carriers, naval auxiliary vessels. Revenue generated through one-time vessel construction contracts.
2. Ship Repair Services: Repair, modification and re-commissioning of vessels at dry dock facilities. Provides services for both seagoing and inland vessels.
3. Offshore Rig Repairs: Afloat repairs of offshore rigs and OSV/PSVs at Ratanpar facility

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

Modest Infrastructure Pvt Ltd is a private Indian shipbuilding and ship repair company that designs and constructs custom vessels such as product tankers, bunkering tankers, cement carriers, geotechnical survey vessels, offshore dumb barges, fuel barges, and naval auxiliary vessels, and provides ship repair, modification, and re-commissioning services. It operates the Ramsar Shipyard in Bhavnagar (vessels up to 6,000 DWT) and is developing the Ratanpar Shipyard (vessels up to 45,000 DWT). Its customers include international shipping companies and the Indian Navy.

Product overview

Modest Infrastructure Pvt Ltd is a shipbuilding and ship repair company offering a portfolio of specialized vessels. The core product line includes double-hull product tankers and bunkering tankers (1,450-3,300 DWT) for petroleum product transport, cement carriers (2,800-4,000 DWT) for bulk cement transportation, a DP2-classified geotechnical survey vessel for offshore survey operations, flat-top offshore dumb barges for heavy cargo, and fuel barges for bunkering services. The company operates the Ramsar Shipyard (currently operational, building vessels up to 6,000 DWT) and is developing the Ratanpar Shipyard (planned for vessels up to 45,000 DWT).

Differentiator

Problem solved

Functional benefit

Products and services

• Product Tankers (Double-Hull and Bunkering Tankers) Custom-built double-hull product tankers and bunkering tankers ranging from 1,450 DWT to 3,300 DWT, with cargo capacities from 1,450 m³ to 1,700 m³, designed for maritime transport of petroleum products (HFO, MGO, LO) for international and domestic shipping companies.
• Cement Carriers Bulk cement carriers including Ambuja Rohini (2,800 DWT) and Ambuja Mukund (4,000 DWT), equipped with cargo loading and unloading systems for ordinary Portland cement transport between ports; built for cement manufacturers and bulk commodity transporters.
• Geo Technical Survey Vessel DP2-classified offshore geotechnical survey vessel equipped with a four-point mooring system, moon pool, on-board laboratory, and accommodation for 49 persons (crew and technicians), designed for marine construction and offshore survey operators.
• Flat Top Offshore Dumb Barge (SHAIVI Class) 3,600 DWT flat-top offshore dumb barge (e.g., Hull # 302 SHAIVI) with deck strength of 10 T/m², designed to carry heavy cargo and equipment for offshore operations.
• Fuel Barges 500-ton fuel barges (e.g., Hull # 316/322) designed for fuel transportation and bunkering operations for marine customers.
• Naval Auxiliary Vessels Custom naval auxiliary vessels built to military specifications and delivered to the Indian Navy for defense and maritime security operations.
• Ship Repair, Modification and Re-commissioning Services Ship repair, modification, and re-commissioning of seagoing and inland vessels carried out at the Ramsar Shipyard's dry docks (93m x 16m x 3.5m and 110m x 20m x 4.5m); based on 15+ years of repair heritage before the company entered shipbuilding in 2009.
• Offshore Rig and OSV/PSV Afloat Repairs Afloat repairs of offshore rigs and offshore support vessels (OSVs) and platform supply vessels (PSVs) intended to be performed at the proposed Ratanpar facility, complementing the Ramsar yard's repair services.

Quantifiable outcome

• Deliveries to international clients in U.K., U.A.E., Mauritius, Italy, Liechtenstein
• +2 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered minor.

• KPMGminorOthersM&A consultant that facilitated the acquisition deal of Dempo acquiring majority stake in Modest Infrastructure
• J. Sagar & AssociatesminorOthersLegal consultant that facilitated the acquisition deal of Dempo acquiring majority stake in Modest Infrastructure
• Fortitude Law AssociatesminorOthersLegal consultant that facilitated the acquisition deal of Dempo acquiring majority stake in Modest Infrastructure

Scale indicators14 records

Recent moves6 records

Expansion highlights5 records

Regional players

• ASL Marine Holdings: Singapore-based shipbuilder and ship repairer with yard capacity for offshore support vessels, barges, and tankers. Comparable in vessel categories (OSVs, barges, small/medium tankers) and global B2B shipping customer base, though operating in a different geography.
• Reliance Naval and Engineering Limited: Indian private shipyard at Pipavav, Gujarat with significant capacity for naval, offshore, and commercial vessel construction. Comparable in target vessel classes and Indian defence/offshore end-markets, though currently operating at reduced utilisation.

Direct peers

• L&T Shipbuilding: Division of Larsen & Toubro that builds commercial and defence vessels from its greenfield shipyard at Katupalli, Tamil Nadu. Closest large-scale private Indian shipyard peer, with significantly greater engineering and execution resources.
• Cochin Shipyard Limited: India's largest public-sector shipbuilder, building and repairing commercial, defence, and offshore vessels. Directly comparable in shipbuilding and ship-repair service offering, though operating at substantially larger scale and with a broader vessel portfolio including aircraft carriers and large commercial ships.
• Hindustan Shipyard Limited (HSL): Public-sector Indian shipyard with submarine, naval, and commercial vessel construction capabilities. Comparable in target segments (naval auxiliaries, commercial vessels) and as a domestically positioned competitor.
• Dempo Shipbuilding and Engineering Pvt. Ltd. (DSEPL): Parent company that holds 74% of Modest Infrastructure. DSEPL has 40 years of shipbuilding and ship-repair experience, building and repairing vessels up to 3,500 DWT in Goa. Highly comparable in product type and customer overlap, with shared group ownership.
• Mazagon Dock Shipbuilders Limited: Public-sector Indian shipyard focused on naval defence vessels, including destroyers and submarines. Comparable as a domestic peer competing for the same Indian Navy and defence procurement opportunities that Modest serves with naval auxiliaries.
• Garden Reach Shipbuilders & Engineers Limited (GRSE): Indian public-sector shipyard building naval vessels, commercial ships, and engineering products. A direct competitor for Indian Navy contracts and a benchmark for domestic shipbuilding execution at scale.

Broad incumbents

• Hyundai Heavy Industries: One of the world's largest shipbuilders, with broad coverage across commercial, naval, and offshore segments. Comparable as a benchmark for global shipbuilding scale, technology, and competition that Modest will increasingly face as it scales into 45,000 DWT vessels.

Others

• Terasoffshore (formerly Vroon Offshore): Global offshore vessel operator and new-build customer. Adjacent peer — not a shipyard but a frequent buyer of the OSV/PSV vessel classes Modest builds, representing a comparable customer archetype for offshore end-market dynamics.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Modest Infrastructure Pvt Ltd