Cochin Shipyard Spreads its Wings
After successfully completing its initial public offer (IPO) recently, India's Cochin Shipyard Ltd (CSL) has lined up expansion projects. The IPO's proceeds will be utilised to fund these expansions.
The PTI reported that CSL is now setting sail to newer shores as it looks to set up ship-building and repair facilities in Andaman and Nicobar, Gujarat, Kolkata and Mumbai.
The report quoted Nitin Gadkari, Indian Shipping Minister, saying that the government is expanding Cochin Shipyard. CSL will have ship-building and repair facilities in Andaman and Nicobar, Gujarat and Mumbai. World-class ship repair and ship-building should be there. Ships should be built with new technologies. The process is on.
An agreement with Andaman and Nicobar has been formalised to this effect, Gadkari said.
The state-owned firm, a leading player in the ship-building and repair industry, saw its initial public offering getting oversubscribed as many as 75 times last month.
CSL is the largest public sector shipyard in India in terms of dock capacity. It caters to domestic clients engaged in the defence sector and clients engaged in the commercial sector worldwide for shipbuilding and ship repair. In addition to shipbuilding and ship repair, CSL also offers marine engineering training.