Cochin Shipyard Ltd (CSL) — India’s crown jewel in ship building — in its golden jubilee year has embarked on an ambitious plan to transform itself into a knowledge-based, technologically upfront corporate from a conventional public sector unit. The ₹4,000-crore net worth company is aiming to grow as a globally recognised technology firm among the frontrunners by offering new and emerging technologies and solutions in the maritime front.
To achieve the objective, CSL has adopted a vision codenamed CRUISE 2030 (CSL Revenue Unlock through Integrated Strategic Excellence) by preparing a long-term strategy and the same is being implemented, said its CMD Madhu S Nair. “For all these initiatives, we will adhere to a Green and Sustainable framework. We have incorporated a special division - CSL Strategic and Advanced Solutions - for the purpose,” he added.
For over two decades, CSL has been active in the international ship building arena and exported 50 high-end vessels to the US, Germany, Netherlands and Norway. It aims to leverage its international collaborations with globally leading maritime companies as part of ‘Make in India for the World’ outlook.
The international orders for zero emission autonomous vessels for Norway and short sea shipping vessels for Germany are helping the government’s Atmanirbhar initiative. This is evident from the recent contract to construct the largest ever dredger (12,000 cu metre) for Dredging Corporation of India (DCI) with the tie up of Royal IHC of Netherlands, the world leaders in dredging technology.
CSL’s most coveted projects include the prestigious indigenous aircraft carrier Vikrant. Other major vessels include Clipper for Belgium and the platform supply vessels built for various clients.
Nair said CSL has also grown as a leading defence vessel construction yard. The Vikrant project propelled India into the elite set of few nations in the world capable of designing and constructing an aircraft carrier, which is getting ready for a third sea trial and its subsequent commissioning into the Indian Navy shortly.
Sustainable solutions
As part of developing environment-friendly solutions, CSL has launched a pilot project for construction of the first indigenous hydrogen fuel cell vessel — a game changer being the first of its kind globally, he said.
CSL is ramping up its core ship building infrastructure Kochi — the new large dry-dock at an investment of around ₹1,800 crore and the construction of an international ship repair facility at Willingdon Island at a cost ₹1,000 crore. This is in addition to the investment to set up a new shipyard at Kolkata at ₹180 crore and the take-over of a shipyard at Malpe, near Udupi at ₹80 crore.
The new large 310 metre dry-dock in Kochi will facilitate the construction of larger next generation aircraft carriers and will position CSL as the only yard in India which can dry-dock and repair Jack Rigs and large offshore units. The ISRF will help pivot Kochi as the ship repair hub of India, with an annual capacity to dry-dock and repair around 250 vessels of various types and sizes, Nair said.
On the financial front, Nair said the company has been performing well for the last three decades. It currently garners a top-line of around ₹3,000 crore with a PAT CAGR of around 15 per cent and currently has a strong order book visibility of more than ₹20,000 crore.