Cochin Shipyard Limited has signed a Memorandum of Understanding with the Government of India for the year 2016-17. The MoU broadly consists of the performance evaluation parameters and targets for Cochin Shipyard for the ensuing year.
The Memorandum of Understanding was signed by Shri Rajive Kumar, Secretary Shipping and Shri Madhu S Nair, Chairman & Managing Director, Cochin Shipyard Limited, at New Delhi. The MoU will be reviewed by the Ministry on a regular basis and the performance of PSU would be evaluated and ratings awarded at the end of the financial year. The targets agreed in the MoU are in line with the aggressive growth plans of CSL in line with the Ministry of Shipping’s ambitious plans and the Government of India’s ‘Make in India’ policies.
CSL has posted an excellent performance during the last financial year, despite very difficult market conditions. In the year ended 31st March 2016, CSL has posted a record turnover of Rs.1995 crores (provisional) surpassing the MoU target for the year. This is an increase of 7.3% over the previous year. The provisional PBT and PAT figures are Rs. 424 crores and Rs. 275 crores respectively representing an increase of 15.4% and 17 % respectively over the previous year.
In 2015-16, CSL has won new building contracts for building 5 vessels. The contracts for two 1200 pax cum 1000 T Cargo Vessels and two 500 pax cum 150 T Cargo Vessels for the A&N Administration and one Technology Demonstration Vessel for Defence Research & Development Organisation are worth about 1675 Crores.
CSL is proceeding with two major expansion projects at a total cost of Rs.2800 Crores. An International Ship Repair Facility based on a 6000T shiplift and allied transfer facilities in approx 42 acres of land leased from Cochin Port Trust in Kochi is being setup. When commissioned, this facility will help the yard substantially increase its ship repair capacities and position Kochi as a major ship repair hub. A new Large Dry Dock of 310x 75/60 m size will be constructed within CSL’s premises in Kochi, which will provide the yard the capability to build large modern vessels like LNG vessels, large aircraft carriers etc in addition to undertaking repairs/ construction of jack up rigs, semi submersibles etc. Government approval has been accorded for both the projects.
Source: Government of India Ministry of Shipping
