CSL receives 'in principle' approval for drydock

Cochin Shipyard (CSL) has received 'in principle' approval of the Shipping Ministry for the construction of a large drydock which is estimated to cost Rs. 1,200 crore.

The company intends to raise capital to meet its expansion plans through a judicious mix of debt and equity options, a CSL press release said.

To maintain the growth momentum, CSL has identified projects for expansion in the short, medium and long term.

The yard has identified considerable potential in the ship repair business and has taken land on lease in the Cochin Port Trust premises for setting up of an International Ship Repair Facility with Ship lift system.

The capital cost for the facility is Rs. 487 crore and is expected to take about five years for setting it up.

ET