India's Hindustan Shipyard is set for a financial restructuring that will clear its accumulated losses.

The Hindu Business Line cited Sarat Babu, its chairman and managing director, as saying: “Once the restructuring package, which is a book adjustment without any cash flow, is sanctioned, our negative net worth will go.”

An operating profit of INR 380m ($5.92m) has been logged in the 2017 financial year, against INR 190m a year ago.