would also spell massive growth for the shipping industry just as the war years had done. However, British companies such as P&O and BI Shipping were strong in the shipping industry and most of the attempts by domestic players till then had failed. Walchand named his company The Scindia Steam Navigation Company Ltd. and competed with the foreign players. It was recognised as the first Swadeshi shipping company in the true sense of the term and was referred to widely in Mahatma Gandhi's columns in Young India and Harijan on Swadeshi, boycott of foreign goods and Non co-operation movement. It barely managed to survive after entering into agreements on routes and fare wars with its foreign competitors. However, Walchand still supported new indigenous shipping ventures, as he believed that a strong domestic shipping industry was the need of the hour. In 1929, he became the Chairman of Scindia Steam and continued in the same position till 1950 when he resigned on grounds of ill health. By 1953, the company had captured 21% of Indian coastal traffic. Sir Lallubhai Samaldas was amongst the later directors of Scindia Steamship. Aircraft factory In 1939, a chance acquaintance with an American aircraft company manager inspired him to start an aircraft factory in India. Hindustan Aircraft was started in Bangalore in the Mysore State with the active support of its Diwan, Mirza Ismail in December 1940, where Kingdom of Mysore were partners in venture. Others, who invested their money were Dharamsey Mulraj Khatau and Tulsidas Kilachand. By April 1941, the Indian government acquired one-third of ownership and by April 1942, it nationalised the company by compensating shareholders adequately. The reasons that prompted the government for nationalising were – it was a sensitive and strategic sector; Japan's advances in the war meant that the government needed fast responses and hence, direct ownership; and it could not allow a crucial war project to remain undercapitalised or loss-making. Hindustan Aircraft was renamed as Hindustan Aeronautics Limited. Insurance To face competition in the shipping business from the British and other foreign businesses, Walchand entered allied businesses such as insurance. In 1937, he presided over the conference of Indian insurance companies held in Calcutta. Shipyard Walchand also believed that there was a strong need for a shipyard in the country and started work on it in 1940 at Visakhapatnam. In the days when it was unthinkable of foundation ceremony to