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Cochin Shipyard Ltd. has signed a Memorandum of Understanding (MoU) with HD Korea Shipbuilding and Offshore Engineering (KSOE) for a long-term strategic collaboration in shipbuilding, the Ministry of Ports, Shipping and Waterways said in a statement on Tuesday, September 23.
The two companies inked the MoU on Saturday, September 20, at the 'Samudra se Samriddhi' event in Bhavnagar, Gujarat, which was inaugurated by Prime Minister Narendra Modi.
The partnership will combine Cochin Shipyard's legacy, infrastructure and domestic expertise with KSOE's advanced technology and global experience, the ministry said.
Under the MoU, Cochin Shipyard's 310 metre new dry dock will be utilised to construct large vessels such as Suezmax tankers, container ships and Capesize bulk carriers with a capacity of up to six vessels annually, it added.
A dedicated block fabrication facility (BFF) is planned at Kochi in around 80 acre, with an annual capacity of 1.2 lakh MT at an investment of ₹3,700 crore to support the same. The initiative is set to generate around 2,000 direct jobs and substantial indirect employment, the ministry said.
"The collaboration will also focus on joint execution of shipbuilding projects at CSL’s existing facilities during the transition phase, while simultaneously exploring opportunities in new business areas, greenfield shipyards, and skill development," the ministry said.
Cochin Shipyard also inked an MoU with the Tamil Nadu government at the event. As part of its long-term growth strategy, the company is considering a greenfield investment of around ₹15,000 crore to establish a shipyard in Tamil Nadu in collaboration with a Korean partner, the ministry said.
In its first phase, the project is estimated to create around 10,000 jobs and it may also include a modern ship repair facility.
Cochin Shipyard joins its shipbuilding peer Garden Reach Shipbuilders, who also signed multiple MoUs with different entities recently.
Cochin Shipyard shares were 1.9% lower at ₹1,888.9 apiece. The stock has gained 12.1% in the past month.
Also Read: Vodafone Idea shares surge 7% in a sharp spike; Citi calls it a 'high-risk' buy
The two companies inked the MoU on Saturday, September 20, at the 'Samudra se Samriddhi' event in Bhavnagar, Gujarat, which was inaugurated by Prime Minister Narendra Modi.
The partnership will combine Cochin Shipyard's legacy, infrastructure and domestic expertise with KSOE's advanced technology and global experience, the ministry said.
Under the MoU, Cochin Shipyard's 310 metre new dry dock will be utilised to construct large vessels such as Suezmax tankers, container ships and Capesize bulk carriers with a capacity of up to six vessels annually, it added.
A dedicated block fabrication facility (BFF) is planned at Kochi in around 80 acre, with an annual capacity of 1.2 lakh MT at an investment of ₹3,700 crore to support the same. The initiative is set to generate around 2,000 direct jobs and substantial indirect employment, the ministry said.
"The collaboration will also focus on joint execution of shipbuilding projects at CSL’s existing facilities during the transition phase, while simultaneously exploring opportunities in new business areas, greenfield shipyards, and skill development," the ministry said.
MoU with Tamil Nadu government
Cochin Shipyard also inked an MoU with the Tamil Nadu government at the event. As part of its long-term growth strategy, the company is considering a greenfield investment of around ₹15,000 crore to establish a shipyard in Tamil Nadu in collaboration with a Korean partner, the ministry said.
In its first phase, the project is estimated to create around 10,000 jobs and it may also include a modern ship repair facility.
Cochin Shipyard joins its shipbuilding peer Garden Reach Shipbuilders, who also signed multiple MoUs with different entities recently.
Cochin Shipyard shares were 1.9% lower at ₹1,888.9 apiece. The stock has gained 12.1% in the past month.
Also Read: Vodafone Idea shares surge 7% in a sharp spike; Citi calls it a 'high-risk' buy
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