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Last Updated Saturday April 21 2018 11:52 AM IST

After mammoth IPO, Cochin Shipyard offers to build ship repair yards in major Indian ports

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Cochin Shipyard The company will soon explore opening dry docks and ship repair units: Photo | Getty Images

Kochi: After a successful IPO, the Cochin Shipyard is planning to build ship repair yards in various ports across the country including Mumbai and Gujarat. A project to form a joint venture to build a Rs 100 crore dockyard for inland water vessels in Hooghly in Kolkata is almost finalized.

The Cochin Shipyard is in talks to build ship repair yards in major ports, chairman Madhu S Nair said. The proposals include ship building and repair yards and docks in Andaman, Gujarat and Mumbai.

The Cochin Shipyard is still basking in the glory of a spectacular IPO in August. The offering was oversubscribed 76 times. The company plans to use the Rs 1,442 crore raised from the market to complete two massive projects - a dry dockyard that can build aircraft carriers and LNG carriers and a ship repair yard.

The dry dockyard is expected to cost Rs 1,800 crore and the ship repair yard Rs 970 crore.

The shipyard generated Rs 550 crore from the repair works in the previous financial year. The shipyard can repair 80 to 100 ships at a time. A new yard will allow the company to accommodate 80 more mid-sized vessels.

Read more at: Latest in Business | BPCL Kochi to receive its first US crude consignment on Thursday

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