KOCHI: Cochin Shipyard Ltd said it had acquired 57.2 lakh equity shares of Hooghly Cochin Shipyard Ltd (HCSL) from Hooghly Dock and Port Engineers Ltd at a total consideration of Rs5.06 crore.
The fresh acquisition constitutes 26 per cent of the share capital of HCSL. which has a share capital of Rs22 crore, and with this exercise, Hooghly Cochin Shipyard has become a wholly-owned subsidiary of Cochin Shipyard.
Prior to this acquisition of shares, Cochin Shipyard was holding 74 per cent of stake HCSL, the company said in a statement.
Hooghly Cochin Shipyard was formed as a joint venture between Cochin Shipyard and Hooghly Dock & Port Engineers Ltd on October 23, 2017 with the objective of rebuilding and modernising shipbuilding infrastructure facilities at Nazirgunge and Salkia in Kolkata.
Hooghly Cochin Shipyard is an initiative established with an ambition to become a lead player in the inland waterways segment of shipbuilding and ship repair, which is rapidly evolving in the country.
Cochin Shipyard Ltd (CSL) is the largest shipbuilding and maintenance facility in India. It is part of a line of maritime-related facilities in the port-city of Kochi, in the state of Kerala, India. CSL builds platform supply vessels and double-hulled oil tankers.
Cochin Shipyard has built and repaired some of the largest ships in India. It is presently building the prestigious indigenous aircraft carrier for Indian Navy.
Industry experts say that shipbuilding can contribute immensely to the vision of making India a five trillion dollar economy by 2024.
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