Cochin Shipyard at 1-Month High on MoU With Mumbai Port Trust | CORPORATE ETHOS

Cochin Shipyard at 1-Month High on MoU With Mumbai Port Trust

By: | January 11, 2018
Cochin Shipyard

Jan 11: Cochin Shipyard Ltd (CSL), the country’s largest public sector shipyard in terms of dock capacity, on Thursday said that it has signed an MOU with Mumbai Port Trust (MbPT) for management and operation of the Shiprepair Facilities at Mumbai Port trust.

“As per the terms of the MOU, MbPT and CSL are to associate with each other for utilizing the Indira Dock facility at Mumbai Port to set up a Professional Ship Repair Eco system, that would be beneficial for the commercial as well as Defence Ship Repair Industry in India,” the company said.

The MOU also provides for expansion of the Ship repair capacity within the Indira Dock, that may include setting up of a Floating Drydock (FDD) and upgrading existing facility at Hughes Dry Dock (HDD) thereby enhancing the existing Ship repair Capacity in Mumbai Area.

“This would serve the increasing Ship Repair demands in Mumbai area, being one of the key port of India that connect internationally,” the company said.

Hughes Dry Dock at Mumbai Port Trust of approx. size 305 x 30 metres, built in 1914 is one of the largest graving dry dock on the western coast of India. According to the company, the objective of the MOU is to develop a world class integrated ship repair facility at Mumbai. HDD is an active area were Mumbai Port Trust gives the dock on lease to owners. With this MOU, CSL is expected to provide end to end ship repair solution to ship owners.

“CSL is the only yard which has undertaken drydock repairs to the Indian Navy’s Aircraft Carriers. This new initiative of signing the MOU with MbPT is in line with the company’s objective to have a pan India presence and the Ministry of Shipping initiatives to create viable Shiprepair hubs all over India,” the company added.

CSL shares surged more than 6% to touch a new one month high of Rs 569.75 on BSE intraday today. At 3.06 pm, the Rs 10 face value shares were trading at Rs 557.50, up 4.24% from the previous closing of Rs 534.80.