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Union shipping minister Nitin Gadkari on Monday announced a financial package of Rs 2,700 crore for the development and modernisation of Cochin Shipyard Limited (CSL).
While Rs 1,200 crore would be utilised for setting up a new dry dock at the yard, an amount of Rs 1,500 crore would go into building an LNG carrying vessel, which will be for the first time in India. As part of the 'Make in India Plan' announced by the prime minister, the government has decided to build three such vessels indigenously of which one will be constructed at CSL.
Announcing the financial aid in New Delhi, he said the yard would also construct dredgers in future. Plans are afoot to build vessels for foreign companies here. He also said the government had planned to connect Andaman Islands with Kochi through water bus services.
The yard is in talks with global shipping lines to join hands for the construction of chartered LNG vessel. Preliminary technology talks are on between CSL and French engineering firm Gaztransport & Technigaz (GTT). The shipyard is also in discussion with Korea's Daewoo Shipbuilding & Marine Engineering Co, Samsung Heavy Industries and Hyundai Heavy Industries. Private shipyards Larsen & Toubro Shipbuilding and Pipavav Defence & Offshore Engineering are also known to be interested in securing the contract.
Incorporated in 1972, the yard has built over 40 high-quality vessels to Western European owners. It is currently building the most prestigious warship - Indigenous Aircraft Carrier (IAC) for the Navy. CSL is the sixth shipyard in the world to construct an aircraft carrier of this size. IAC was launched in August 2013 and will be fully operational within the next two years. So far, CSL has repaired more than 1,800 ships of various types owned by major Indian and foreign owners.
CSL has taken on lease the existing ship repair facility of the Cochin Port Trust (CPT) and is in the process of developing it into an international ship repair facility by installing ship lift and transfer system, six dry berths and associated facilities. The total cost is estimated at Rs 490 crore and is scheduled to be fully operational in the next six years. The yard earned a turnover of Rs 1,554 crore in 2012-13.
