Cochin Shipyard to build Rs 960 crore International Ship Repair Facility

NEW DELHI: Cochin Shipyard Ltd, which is looking at building an international ship repair facility, has said that it is estimated to cost Rs 960 crore initially.

"We are seeking necessary approvals for setting up an International Ship Repair Facility at Cochin Shipyard," Shipping Secretary Rajive Kumar told PTI.

He said the facility would be set up at an initial cost of Rs 960 crore.

The state-owned company is also building cryogenic carriers that transport natural gas frozen in liquid form. The shipyard is also making its maiden foray into catamaran manufacturing.

The government last year had approved a proposal for initial public offering of the Shipyard and the funds are proposed to be utilised for infrastructure expansion of CSL including projects such as International Ship Repair Facility (ISRF) and New Dry Dock project for building larger vessels /LNG Carriers.

The IPO of over 3.39 crore equity shares would include issuance of over 2.26 crore fresh equity shares and sale of 10 per cent of government stake or over 1.13 crore shares to public.

Miniratna PSU Cochin Shipyard, incorporated in 1972, is under the administrative control of the Shipping Ministry.

The Shipyard has the capacity to build ships up to 1.10 lakh Dead Weight Tonnage (DWT) and undertake repairs to ships of up to 1.25 lakh DWT.

CSL has built the biggest ships in India.