L&T to Invest in Shipbuilding

Shipping Corporation of India has announced plans to set up at least two shipbuilding yards with an investment of Rs2,000 crore each, according to a report on www.livemint.com. It would be bidding for the projects announced by the government. India has 28 ship building yards and the largest ship built in the country are 45,000 DWT in Cochin Shipyard. Public sector company Cochin Shipyard plans to build small ships at its yard with an investment of Rs98 crore. It would make anchor handling tugs, platform supply vessels, offshore vessels, coastal tankers, container and feeder vessels targeting an additional turnover of Rs 500 crore per annum. ABG Shipyard plans to invest Rs600 crore at its new shipbuilding yard in Dahej that is under construction. The Dahej unit would specialise in making oil rigs.