Cochin Shipyard to establish repair hub on Western coast
PORTS & SHIPPING

Cochin Shipyard to establish repair hub on Western coast

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
Real Estate

MHADA Slashes EWS Home Prices in Thane Scheme

The Konkan Housing and Area Development Board (KHADB), a wing of the Maharashtra Housing and Area Development Authority (MHADA), has trimmed the sale price of 6,248 Pradhan Mantri Awas Yojana (Urban) homes in Thane district and placed them on a first-come, first-served basis. In Shirgaon, the cost of 5,236 units has fallen by about Rs 0.14 million each, from roughly Rs 2.07 million to Rs 1.93 million, while in Khoni the price for 1,012 houses has been lowered by around Rs 0.10 million to about Rs 1.91 million apiece. KHADB chief officer Revati Gaikar said the cuts aim to help economi..

Next Story
Real Estate

Brigade Plans Rs 21 Bn South Chennai Housing Scheme

Brigade Enterprises has unveiled Brigade Morgan Heights, a residential development in South Chennai carrying a gross development value of about Rs 21 billion. Rising on a 14.7-acre plot along the Sholinganallur–Medavakkam corridor, the scheme will deliver roughly 2.2 million square feet of premium apartments across 1,250 two-, three- and four-BHK units, the largest spanning 2,599 square feet.Positioned just 150 metres from the forthcoming Classical Tamil Institute Metro Station, the site offers ten-minute road links to technology parks such as ELCOT, Wipro and Cognizant, enhancing its appeal..

Next Story
Infrastructure Urban

Saya, Lemon Tree To Run 336 Business Suites In Noida

NCR-based real estate developer Saya Group has partnered with Carnation Hotels Pvt Ltd, a subsidiary of Lemon Tree Hotels, to manage 336 fully serviced business suites in Greater Noida. The suites are located within Saya SouthX, a 3-acre mixed-use commercial development with a built-up area of around 68,000 square metres.Under the agreement, Lemon Tree Hotels will operate the suites—each averaging 62 square metres—spanning the 7th to 25th floors of the development. The collaboration aims to offer high-quality business accommodation tailored to the needs of working professionals, entreprene..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?