Cochin Shipyard has incorporated a joint venture - Hooghly Cochin Shipyard, in which it will hold 74 per cent stake and Hooghly Dock & Port Engineers where it will hold 24 per cent.
Cochin Shipyard says the JV is for upgradation and modernisation of shipbuilding infrastructure at shipyard sites at Salkia and Nazirgunge in Kolkata. The Ministry of Shipping had approved the proposal for setting up the JV in March. Investors will closely monitor the development.