Indian shipyard Cochin Shipyard has been given the greenlight by the Cabinet Committee for the construction of a new drydock within the existing facility to enhance shipbuilding capacity.
The total cost of the project will amount up to INR1799 crore ($267m).
According to a statement from India’s Ministry of Shipping, the project will increase the shipbuilding and ship repair capacity of yard and help it tap into the potential markets of specialized and hi-tech large vessels such as LNG vessels, jackup rigs, drillships, large dredgers and repairing of offshore platforms and larger vessels.
“There would be no financial outgo from the government on account of the construction of new dry dock as the expenditure will be funded through internal and extra budgetary resources of CSL and the funding requirements are fully tied up,” the statement said.
