Kochi: Union Minister of State for Shipping, Road Transport, Highways, and Chemicals & Fertilizers Mansukh L. Mandaviya on Thursday said the Centre had no plan to privatise the profit-making Cochin Shipyard Ltd. (CSL).
Addressing the media after reviewing the functioning of the Cochin Port Trust and Cochin Shipyard, Mr. Mandaviya pledged all government support to CSL on the ship building and ship repair fronts.
He said there would be investment to the tune of Rs.1,800 crore for the construction of a larger drydock at the yard and another Rs.970 crore for the upcoming International Ship Repair Facility (ISRF) on the Cochin Port premises, but chose to be evasive about the timing of the proposed initial public offering (IPO) — stock market sale of 3,39,84,000 equity shares of Rs.10 each amounting to an equity capital of Rs.33.984 crore of the yard — to raise funds for both the projects.
Asked about the Centre not allowing Cochin Shipyard to bid for the building of the long-delayed Landing Platform Dock (LPD) amphibious vessels for the Navy, CSL Chairman and Managing Director Madhu S. Nair said the Minister had assured that the Shipping and Defence ministries would both strongly support CSL in all its future endeavours.
On the LNG carrying vessel project for which Gas Authority of India Ltd. (GAIL) cancelled tender for the second time in a row, Mr. Mandaviya said the government would try to fast-forward delayed projects after resolving issues. Mr. Nair added that the matter of LNG carrying vessels had been taken up at the highest level in the government, and that a high-level committee was looking into the matter.
Earlier, the Minister said the Centre was also giving thrust to skill development in the maritime sector with a view to increasing India’s share in human resources in the sector.
