"We do not have good facilities for ship repair on the East Coast, unlike on the West Coast, as a result ships have to sail as far as to Malaysia or Singapore for such work," a senior ministry official told PTI.
The official said government will develop the facility either through the Cochin Shipyard or form a new entity, which can involve an investment of Rs 1,600-1,800 crore.
At present, the cost of undertaking the repairs in Southeast Asian countries is very high and the ship owners have to pay for the journeys to and fro, which results in a loss of forex, the official said, calling this as a project of "strategic" importance.
Union Minister Nitin Gadkari had first spoken about the project at an industry meet over the weekend, saying it would massively reduce cost to a tenth.
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