Cochin Shipyard Ltd said on Saturday it has acquired 57.2 lakh equity shares of Hooghly Cochin Shipyard Ltd from Hooghly Dock and Port Engineers Ltd at a total consideration of Rs 5.06 crore.
With this acquisition of shares forming 26 per cent of equity stake, Hooghly Cochin Shipyard has become a wholly-owned subsidiary of Cochin Shipyard with a paid-up share capital of Rs 22 crore.
Before acquisition of these shares, Cochin Shipyard was holding 74 per cent of stake in it, the company said in a statement.
Hooghly Cochin Shipyard was formed as a joint venture between Cochin Shipyard and Hooghly Dock & Port Engineers Ltd on October 23, 2017 with the objective of rebuilding and modernising shipbuilding infrastructure facilities at Nazirgunge and Salkia in Kolkata.
Hooghly Cochin Shipyard is an initiative with an ambition to be a lead player in the inland waterways segment of shipbuilding and ship repair, which is rapidly evolving in the country.
Cochin Shipyard has built and repaired some of the largest ships in India. It is presently building the prestigious indigenous aircraft carrier for Indian Navy.
Industry experts say that shipbuilding can contribute immensely to the vision of making India a five trillion dollar economy by 2024.