India Govt, Cochin Shipyard Pact on FY17 Growth Targets
Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MoU) with the government of India for the ongoing fiscal under which targets agreed are in line with aggressive growth plans of the public sector firm.
"CSL has signed a MoU with the Government of India for the financial year 2016-17," Ministry of Shipping said in a statement.
The Memorandum of Understanding was signed by Shri Rajive Kumar, Secretary Shipping and Shri Madhu S Nair, Chairman & Managing Director, Cochin Shipyard Limited, at New Delhi.
The MoU broadly consists of the performance evaluation parameters and targets for Cochin Shipyard for the ensuing year. The MoU will be reviewed by the Ministry on a regular basis and the performance of PSU would be evaluated and ratings awarded at the end of the financial year.
The targets agreed in the MoU are in line with the aggressive growth plans of CSL in line with the Ministry of Shipping’s ambitious plans and the Government of India’s ‘Make in India’ policies.
CSL has posted an excellent performance during the last financial year, despite very difficult market conditions. In the year ended 31st March 2016, CSL has posted a record turnover of Rs.1995 crores (provisional) surpassing the MoU target for the year
In 2015-16, CSL has won new building contracts for building 5 vessels. The contracts for two 1200 pax cum 1000 T Cargo Vessels and two 500 pax cum 150 T Cargo Vessels for the A&N Administration and one Technology Demonstration Vessel for Defence Research & Development Organisation are worth about 1675 Crores.
CSL is proceeding with two major expansion projects at a total cost of Rs.2800 Crores. An International Ship Repair Facility based on a 6000T shiplift and allied transfer facilities in approx 42 acres of land leased from Cochin Port Trust in Kochi is being setup.
When commissioned, this facility will help the yard substantially increase its ship repair capacities and position Kochi as a major ship repair hub.
A new Large Dry Dock of 310x 75/60 m size will be constructed within CSL’s premises in Kochi, which will provide the yard the capability to build large modern vessels like LNG vessels, large aircraft carriers etc in addition to undertaking repairs/ construction of jack up rigs, semi submersibles etc. Government approval has been accorded for both the projects.
