Cochin Shipyard keen to revive dry docks of Kolkata Port Trust

Cochin Shipyard Ltd, which is set to invest about Rs 130-150 to revive two shipyards of Hooghly Dock and Port Engineers, has also shown interest in turning around dry docks of the Kolkata Port Trust (KoPT).

The Port Trust has five idle docks that are conducive for ship repair and its new chairman Vinit Kumar is keen to revive them.
“CSL chairman is scheduled to meet the KoPT chief on November 28, and a discussion is likely to be held for developing at least two idle docks,” KoPT sources told .

Besides revenue for the port, the development will help boost employment and maritime activity in the state.

About 25 per cent revenue of the state-owned Cochin Shipyard comes from ship repair activities, and it is looking at expanding this portfolio.

The company will revive the two non-functional shipyards of Hooghly Dock and Port Engineers at Salkia and Nazirgunge, among the oldest in the country.

“Cochin Shipyard Ltd has indicated an investment of Rs 130-150 crore over the next three to five to revive the two shipyards against a minimum commitment of Rs 100 crore,” HDPE Chairman Balaji Arun Kumar had said.

As per the agreement, an SPV called Hooghly Cochin Shipyard Ltd has been formed with a paid-up capital of Rs 22 crore, in which Cochin Shipyards will hold 74 per cent stake, while the rest would be with HDPE.
Source: PTI