KOCHI : Cochin Shipyard, a subsidiary of Udupi Cochin Shipyard Ltd, is aiming to increase its share of the $30 billion global ship repair market. Currently, India’s share in this market is only about one percent. Cochin Shipyard is planning to develop facilities on the western coast of India to carry out repairs on passing vessels. The company holds about 50 percent of the Indian repair industry market share. In May, Cochin Shipyard will begin operations at a new dry dock in Kochi, which was recently inaugurated by Prime Minister Shri Narendra Modi. “We intend to commence the assembly phase of the construction of a new dredger contracted for the Dredging Corporation of India at a cost of ₹920 crore in the dry dock,” he said.
The company also plans to commence the assembly phase of a new dredger project in the dry dock. Cochin Shipyard achieved a 62 percent growth in turnover in Q3, with a 110 percent rise in profit after tax. The subsidiary companies, Udupi CSL and Hoogly CSL, have secured contracts for tugs, European short sea vessels, and electric inland vessels. The ship repair units in Mumbai, Kolkata, and Port Blair have contributed ₹200 crore to the turnover
Madhu S Nair, Chairman and Managing Director, CSL, told that discussions and feasibility studies are on for the project. India’s share in the $25-30 billion global ship repair market is currently about one per cent. Setting up of ship repair clusters is in line with the Centre’s initiatives under Maritime India Vision 2030.
On the financial front, he said the yard achieved 62 per cent growth in turnover in Q3 at ₹1,021 crore vis-à-vis the corresponding quarter of the previous fiscal. The PAT registered 110 per cent rise at ₹248 crore. He attributed the achievement to the completion of naval and other ship building projects. “If everything goes well, we expect to have the highest turnover the yard has ever achieved both from shipbuilding and ship repairs,” he said.