Cochin Shipyard Ltd (CSL) – India’s crown jewel in shipbuilding – in its Golden Jubilee year embarked on an ambitious plan to transform itself into a knowledge-based and technologically advanced company from a conventional public sector unit. The ₹4,000 crore net worth company aims to become a globally recognized technology company among the leaders by bringing new and emerging technologies and solutions to the maritime front.
To achieve this goal, CSL has adopted a vision named 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 this purpose,” he added.
For more than two decades, CSL has been active on the international shipbuilding scene, exporting 50 high-end ships to the United States, Germany, the Netherlands and Norway. It aims to leverage its international collaborations with leading maritime companies under the ‘Make in India for the World’ perspective.
International orders for autonomous zero-emission vessels for Norway and short sea shipping vessels for Germany are contributing to the government’s Atmanirbhar initiative. This is evident from the recent contract to build the largest dredge ever (12,000 cubic meters) for Dredging Corporation of India (DCI) with the merger of Royal IHC of the Netherlands, the world leader in dredging technology.
Among CSL’s most coveted projects is the prestigious Indigenous aircraft carrier Vikrant. Other important vessels include Clipper for Belgium and platform supply vessels built for various customers.
Nair said CSL has also grown as a leading defense shipyard. Project Vikrant has propelled India into the elite of the few nations in the world capable of designing and building an aircraft carrier, which is gearing up for a third sea trial and subsequent commissioning into the Indian Navy shortly.
As part of the development of environmentally friendly solutions, CSL has launched a pilot project to build the first indigenous hydrogen fuel cell vessel – a game changer being the first of its kind globally, a- he declared.
CSL is accelerating its Kochi shipbuilding base infrastructure – 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 of ₹1,000 crore. This is in addition to the investment to set up a new shipyard in Kolkata at ₹180 crore and the takeover of a shipyard in Malpe, near Udupi at ₹80 crore.
The new 310 meter large dry dock in Kochi will facilitate the construction of larger next generation aircraft carriers and position CSL as the only shipyard in India capable of dry docking and repairing Jack Rigs and large offshore units. The ISRF will help make Kochi the ship repair hub of India, with an annual capacity to dry dock and repair about 250 vessels of various types and sizes, Nair said.
Financially, Nair said the company has done well over the past three decades. It is currently garnering a revenue of around ₹3,000 crore with a PAT CAGR of around 15% and currently has strong backlog visibility of over ₹20,000 crore.
June 13, 2022