Cochin Shipyard Limited (CSL), a public sector company, is approaching the Union Government to get approval for the company’s plan to raise funds through initial public offering (IPO). CSL plans to set up an international ship repair facility with a shiplift system, for which land has already been taken on lease from Cochin Port Trust.

The ship repair facility is expected to cost over Rs.480 crore. The yard also has plans for expanding its dry dock for taking up underwater repairs of rigs and semi-submersible and for construction of bigger ships.

The total investment for the new facilities is expected to be in the range of Rs.1,500-2,000 crore. The projects were to be funded by way of equity and debt, Commodore K. Subramaniam, Chairman and Managing Director of the company, told reporters here on Friday.

The turnover of the company for 2012-13 was Rs.1,554 crore against Rs.1,405 crore in 2011-12. The profit before tax and net profit were Rs.276 crore (Rs.253 crore) and Rs.185 crore (Rs.172 crore), respectively, in 2012-13. The company has orders for building 25 ships.

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