Cochin Shipyard Limited (CSL) will invest an initial corpus of ₹50 crore in maritime start-ups as part of its start-up engagement framework, Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways has said. He was inaugurating the shipyard’s golden jubilee celebrations here on Saturday.
The decision is in sync with the Shipping Ministry’s endeavour to develop start-ups in the maritime ecosystem. Further details will be made known in the coming days. “The Centre is committed to developing an ecosystem to boost start-ups, and initiatives like Start Up India have catalysed it. The venture will help attract and streamline young investors who have expertise in technology, regulatory, financing and marketing aspects, thus augmenting supply of products and services in the maritime sector,” he added.
The Minister lauded CSL’s achievements during the past five years, among which was the launch of the country’s first Indigenous Aircraft Carrier (IAC). “The shipyard’s new technology ventures and contributions to bring about ‘green shipping’ are a model for others,” he said.
In his address, CSL Chairman and Managing Director Madhu S. Nair said efforts were on to convert the establishment into among the top 10 shipyards in the world. “The shipyard now has seven units across India and is an example of a firm which has delivered results in Kerala, a State which was often termed as not congenial for such enterprises. Permanent employees of the firm have not gone on strike during the past 33 years. It speaks of efficient management and work culture. The emphasis has been on amicable settlement of disputes,” he said.
The function also saw the launch of the new logo for the Cochin Port Trust and the inauguration of work for a new roll-on roll off (Ro-Ro) ferry.
Hibi Eden, MP, presided over the function in which Minister of State for Ports, Shipping and Waterways Shantanu Thakur, Shipping Secretary Sanjeev Ranjan, Union Minister of State for External Affairs V. Muralidharan, and Mayor M. Anilkumar spoke.
