1. Home
  2. Infrastructure Transport
  3. PORTS & SHIPPING
  4. Cochin Shipyard to establish repair hub on Western coast
Cochin Shipyard to establish repair hub on Western coast
PORTS & SHIPPING

Cochin Shipyard to establish repair hub on Western coast

02 Feb 2024 2 Min Read CW Team
Cochin Shipyard, after designing a maritime cluster in Kochi, is exploring the development of additional facilities on the western coast of the country for the repair of passing vessels, revealed Madhu S Nair, Chairman and Managing Director of CSL. Nair stated that discussions and feasibility studies are currently underway for the project.

He mentioned that India's current share in the $ 25-30 billion global ship repair market is merely one percent. The initiative to establish ship repair clusters aligns with the government's efforts under Maritime India Vision 2030. According to Nair, CSL commands approximately 50 percent of the market share in the Indian repair industry.

Nair disclosed that CSL is set to commence operations at the new dry dock in Kochi, inaugurated by Prime Minister Narendra Modi, by May. He expressed the intention to initiate the assembly phase of a new dredger, contracted for the Dredging Corporation of India at a cost of Rs 9.2 billion, in the dry dock.

Providing insights into the financial performance, Nair reported a 62 percent growth in turnover in the third quarter, reaching Rs 10.21 billion compared to the corresponding quarter of the previous fiscal year. The Profit After Tax (PAT) also saw a significant increase of 110 percent, reaching Rs 2.48 billion. Nair attributed this success to the completion of naval and other shipbuilding projects. He expressed optimism, stating that if everything progresses as planned, the yard anticipates achieving its highest turnover ever from both shipbuilding and ship repairs.

In terms of subsidiaries, Udupi CSL secured contracts for tugs and European short sea vessels, while Hoogly CSL secured contracts for electric inland vessels. Nair highlighted that the three ship repair units in Mumbai, Kolkata, and Port Blair collectively contributed Rs 2 billion to the turnover.

Cochin Shipyard, after designing a maritime cluster in Kochi, is exploring the development of additional facilities on the western coast of the country for the repair of passing vessels, revealed Madhu S Nair, Chairman and Managing Director of CSL. Nair stated that discussions and feasibility studies are currently underway for the project. He mentioned that India's current share in the $ 25-30 billion global ship repair market is merely one percent. The initiative to establish ship repair clusters aligns with the government's efforts under Maritime India Vision 2030. According to Nair, CSL commands approximately 50 percent of the market share in the Indian repair industry. Nair disclosed that CSL is set to commence operations at the new dry dock in Kochi, inaugurated by Prime Minister Narendra Modi, by May. He expressed the intention to initiate the assembly phase of a new dredger, contracted for the Dredging Corporation of India at a cost of Rs 9.2 billion, in the dry dock. Providing insights into the financial performance, Nair reported a 62 percent growth in turnover in the third quarter, reaching Rs 10.21 billion compared to the corresponding quarter of the previous fiscal year. The Profit After Tax (PAT) also saw a significant increase of 110 percent, reaching Rs 2.48 billion. Nair attributed this success to the completion of naval and other shipbuilding projects. He expressed optimism, stating that if everything progresses as planned, the yard anticipates achieving its highest turnover ever from both shipbuilding and ship repairs. In terms of subsidiaries, Udupi CSL secured contracts for tugs and European short sea vessels, while Hoogly CSL secured contracts for electric inland vessels. Nair highlighted that the three ship repair units in Mumbai, Kolkata, and Port Blair collectively contributed Rs 2 billion to the turnover.

Next Story
Infrastructure Energy
31 Jan 2025

Digital Economy, Renewable Energy to Boost Job Creation: Economic Survey

The Economic Survey 2024-25, presented by Union Finance Minister Nirmala Sitharaman, indicates substantial improvement in India’s labour market, driven by strong post-pandemic recovery and formalisation of the workforce. Key findings include a significant drop in the unemployment rate from 6 per cent in 2017-18 to 3.2 per cent in 2023-24. Additionally, there has been notable growth in female labour force participation, which increased from 23.3 per cent in 2017-18 to 41.7 per cent in 2023-24.Other highlights include:Over 30.51 crore unorganised workers registered on the eShram portal, suppor..

Read More
Next Story
Real Estate
31 Jan 2025

Aditya Birla Housing Finance Secures Rs 8.3 Billion from IFC

Aditya Birla Housing Finance Ltd. (ABHFL), a subsidiary of Aditya Birla Capital, has raised Rs 8.3 billion through non-convertible debentures (NCDs) from the International Finance Corporation (IFC). The company stated that the funds will be used to provide housing loans to low- and middle-income groups (LIG and MIG), with a special focus on promoting homeownership among women. Additionally, a portion of the investment will support MSMEs, particularly women-led enterprises, to drive economic growth. The initiative aims to strengthen financial inclusion and uplift underserved communities in the ..

Read More
Next Story
Infrastructure Energy
31 Jan 2025

Bihar to Bid Out 2,400 MW Power Plant by March

The Bihar government plans to auction the proposed 2,400 MW coal-based power plant at Pirpainti by March 2025. Part of the state's FY25 budget initiatives, the project is valued at Rs 214 billion, covering multiple power sector developments. Coal for the plant is expected to come from Eastern Coalfields, with fuel and location already determined to streamline the bidding process. Discussions are underway to finalise coal supply under the SHAKTI scheme, with a resolution expected by February. The Central government has also pledged support for fast-tracking environmental clearances to facilit..

Read More

Opinion Poll

Question : Which technological advancement do you believe will most transform the real estate industry in the coming years?

Latest updates

Digital Economy, Renewable Energy to Boost Job Creation: Economic Survey
POWER & RENEWABLE ENERGY
31 Jan 2025

Digital Economy, Renewable Energy to Boost Job Creation: Economic Survey

Aditya Birla Housing Finance Secures Rs 8.3 Billion from IFC
Real Estate
31 Jan 2025

Aditya Birla Housing Finance Secures Rs 8.3 Billion from IFC

Bihar to Bid Out 2,400 MW Power Plant by March
COAL & MINING
31 Jan 2025

Bihar to Bid Out 2,400 MW Power Plant by March

Afcons Infra Shares Rise After Rs 12.83 Billion Gujarat Contract Win
ECONOMY & POLICY
31 Jan 2025

Afcons Infra Shares Rise After Rs 12.83 Billion Gujarat Contract Win

We are shaping the next era of vertical mobility
ECONOMY & POLICY
31 Jan 2025

We are shaping the next era of vertical mobility

Brookfield REIT Q3 NOI Rises 11% to Rs 5.03 Bn
Real Estate
31 Jan 2025

Brookfield REIT Q3 NOI Rises 11% to Rs 5.03 Bn

Gurugram’s Key Corridor Set for Expansion
RAILWAYS & METRO RAIL
31 Jan 2025

Gurugram’s Key Corridor Set for Expansion

Mumbai-Ahmedabad Bullet Train: Major Progress in Maharashtra
RAILWAYS & METRO RAIL
31 Jan 2025

Mumbai-Ahmedabad Bullet Train: Major Progress in Maharashtra

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000