HCSL to tap growing demand in inland water segment
Cochin Shipyard is major shareholder in jt venture
KOLKOTA: With an ambition to be a lead player in the inland water segment that is rapidly evolving in the country, a joint venture company in the name of Hooghly Cochin Shipyard Ltd (HCSL) has been formed between Cochin Shipyard Ltd (CSL) and Hooghly Dock & Port Engineers Limited (HDPEL) with CSL being the major shareholder.
The ground-breaking ceremony of the Construction of new yard at HCSL was performed by Madhu S Nair, chairman, HCSL and CMD, CSL, at Nazirgunge in the presence of Vinit Kumar IRSEE, chairman, KoPT, S Balaji Arunkumar, dy chairman, KoPT and the directors of HCSL on February 16, 2019.
CSL is a leader in shipbuilding and ship-repair in India. A Miniratna listed company, CSL is one of the best performing shipyards in India. CSL, which is into shipbuilding and ship-repair, is building the first Indigenous Aircraft Carrier for the Indian Navy.
The new company, HCSL stands to benefit from the experience of Cochin Shipyard Ltd. HCSL said it intends to set up a modern shipbuilding and ship-repair facility at Nazirgunge and Salkia, in close proximity to National waterways 1 & 2 equipped with a new side launching facility with sophisticated machineries, in a phased manner. The project is expected to be completed in 24 months and the units will be fully operational by first quarter of 2021. The establishment will promote socio economic development in the region and will help the development of ancillary units according to an official statement.
CSL’s effort is to grow geographically with a view to strategically positioning itself as a lead player in the inland water segment. Hooghly Cochin Shipyard Ltd, a joint venture between CSL and HDPEL, is an initiative of the Ministry of Shipping in the shipbuilding and ship repair services for Inland & Coastal Waterways Sector.
HCSL project was presented at the Bengal Business summit held in the in February 2018 at Kolkata, and there the project received recognition and encouragement from the State Government of West Bengal.