Central govt announces Rs 2,700 crore aid for Cochin Shipyard

The funds will be used to modernize the yard, as well as to build a new dry dockyard

The Union minister for Shipping and Transport Nitin Gadkari on Monday announced financial aid of Rs 2700crore for the development and modernization of the 42-year-old Cochin Shipyard Limited [CSL].

Of this, Rs 1200 crore aid will be used for setting up a new dry dock yard. CSL will construct an LNG carrying vessel for the first time in India, for which Rs 1,500 crore will be allocated, as part of Prime Minister Narendra Modi''s 'Make in India' call. The country will make three such vessels indigenously in all.

The yard will also manufacture dredgers, the minister announced.