Goa Shipyard FY11 production value at record Rs 990 cr

State-run Goa Shipyard (GSL) today said it has reported the highest value of production (VoP) at Rs 990 crore since its inception in 1957 in the last fiscal.

The company is eyeing to train the Navies from West Asia, Africa and some South-East Asian countries in ship repair and maintenance capabilities, GSL Chairman and Managing Director Vineet Bakshi told reporters at a press conference here.

The yard earned a profit of Rs 176 crore in the year ended March 2011 as against Rs 131 crore in the previous fiscal.

"During the financial year 2010-11, the company achieved the highest value of production ever since its inception to Rs 990 crore as compared to Rs 866.5 crore the last fiscal," Bakshi said.

The Vasco-based company has been manufacturing warships for the Indian Navy and Indian Coast Guard since 1961.

Bakshi said the first and second phase of the shipyard's expansion has been completed, while he expects to achieve a total VoP at Rs 3,000 crore to Rs 4,000 crore from the third and fourth phase.

"Adapting to modernisation has given a technical face-lift for the yard, thus making it the "first defence ship-building yard in India to be equipped with a modern ship-lift facility and launching and docking of ships," he said.

Responding to a query, the GSL management said the current global recession is unlikely to affect its targeted performance.

"There are 350 ships of the Indian Navy and Indian Coast Guard, which need to be replaced and because of our internal strength, we are competitive in the market," Bakshi said, adding that the order book of the yard will continue to be full despite economic recession.