Special Correspondent

PANAJI: Goa Shipyard Limited (GSL), a south Goa-based Union Government undertaking, is set to increase the capacity of its yard by three times with the expected completion of work on its modernisation by mid 2011.

This was declared by A. K. Handa, Chairman and Managing Director of GSL, here on Wednesday after the company’s 42nd annual general meeting at Vasco da Gama.

GSL has declared a dividend of 50 per cent of the paid up capital for the fiscal 2007-08 compared to 28 per cent in the previous year. The announcement was made at the end of the meeting.

During the financial year 2007-08, the company achieved a record Value of Production of Rs. 317.21 crore compared to Rs. 267.07 crore of the previous year, which is up by 19 per cent.