Shipyard to invest Rs. 1,200 cr. in dry dock for LNG carriers
Time：2014-09-18
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Union Minister for Shipping Nitin Gadkari told reporters on Monday in New Delhi the Cochin Shipyard would get order for one of the three LNG carriers being built in the country under Prime Minister Narendra Modi’s campaign Make in India. Each of the LNG carriers will cost approximately Rs. 1,500 crore each and it will be the first time these vessels will be built in the country.
Information received here said Cochin Shipyard would also build dredgers for Paradip Port and the Dredging Corporation of India in collaboration with foreign technology suppliers. The cost of the first dredger is expected to be Rs. 500 crore.
The statement said the Union Shipping Ministry would soon come out with a comprehensive ship-building scheme which will encourage Indian shipyards to bag foreign orders in a more aggressive manner and meet the requirement of Indian ship owners.
It has also been decided that the Cochin Shipyard will build cargo and passenger vessels as well as dredgers for the Inland water transport sector.
Trade union sources said the employees’ unions stood united against any move to sell shares of the company.
Secretary of Cochin Shipyard Employees’ Federation G. Vijayan said the shipyard had enough surplus funds to build a dry dock without selling its shares. He claimed that the shipyard had surplus to the tune of Rs. 1,300 crore.
Trade union sources said what the shipyard now needed were orders. The shipyard had invested about Rs. 100 crore six years ago in docks, which were now lying idle.