Cochin Shipyard not to be privatised: Govt

Kochi: Union government, which holds 100 per cent stake in the Cochin Shipyard Ltd (CSL), Thursday said the PSU will not be privatised.

Describing CSL as "a premium shipyard" in the country, Union Minister of State for Transport, Highways and Shipping, Mansukh Mandaviya said the CSL will get priority in getting government orders to build more ships for various government departments including defence.

"Cochin Shipyard is a premium shipyard -- a profit-making government-owned ship-building company. It is a 100 per cent government-owned ship building company. Cochin Shipyard will not be privatised," he told reporters here.

The Minister said this in response to questions regarding the government's plan for public offer for CSL.

The minister, who reviewed the functioning of Cochin Shipyard and had a brief meeting with officials, said the shipyard, which is the "exporter of ships to West, Europe and the US while serving the strategic interests of the Nation, is a pride of India."

He inspected India's first Aircraft Carrier under construction at Cochin Shipyard Ltd.

Mandaviya also interacted with METI (Maritime Environmental Training Institute) Trainees during his visit to "world class Ship Building Workshop" here.

The net worth of the CSL as on March 31 was Rs 1,838 crore. The profit after tax of the company was Rs 276 crore respectively.