"Liquidity is a problem for the shipping industry overall due to theslowdown and so earlier where we used to get advances at various milestones,when building the ships, now we will be accepting payments upon delivery of thevessels," CEO Dhananjay Datar told the Business Standard.
Analysts said this was a risky strategy, as the company must fund big costsup front.
It has negotiated a two-year repayment freeze on debts of INR 110bn ($1.83bn)
