Shipyard, Centre sign pact on FY17 growth targets

By: | Published: July 27, 2016 6:09 PM

Cochin Shipyard Ltd has entered into a pact with the government for the ongoing fiscal under which targets agreed are in line with aggressive growth plans of the public sector firm.

Cochin Shipyard Ltd has entered into a pact with the government for the ongoing fiscal under which targets agreed are in line with aggressive growth plans of the public sector firm. (Reuters)Cochin Shipyard Ltd has entered into a pact with the government for the ongoing fiscal under which targets agreed are in line with aggressive growth plans of the public sector firm. (Reuters)

Cochin Shipyard Ltd has entered into a pact with the government for the ongoing fiscal under which targets agreed are in line with aggressive growth plans of the public sector firm.

“Cochin Shipyard Limited (CSL) has signed a Memorandum of Understanding with the Government of India for the financial year 2016-17,” Ministry of Shipping said in a statement.

“The targets agreed in the MoU are in line with the aggressive growth plans of CSL in line with the Ministry of Shipping’s ambitious plans and the Government of India’s ‘Make in India’ policies,” it said.

The MoU was signed by Shipping Secretary Rajive Kumar and Cochin Shipyard Ltd Chairman & Managing Director Madhu S Nair yesterday.

The pact, which broadly consists of the performance evaluation parameters and targets for Cochin Shipyard for the ensuing year, will be reviewed by the government on a regular basis and the performance of PSU would be evaluated and ratings awarded at the end of the financial year.

In the year ended March 31, 2016, CSL posted a record turnover of Rs 1,995 crore (provisional) surpassing the MoU target for the year. This is an increase of 7.3 per cent over the previous year.

CSL is proceeding with two major expansion projects at a total cost of Rs 2,800 crore. In 2015-16, CSL won new building contracts for building 5 vessels.

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