The Centre will not privatise a profit-making Cochin Shipyard Ltd, Union Minister for Shipping, Road Transport & Highways Nitin Gadkari said on Tuesday as he laid the foundation stone for India's largest dry dock at the shipyard here.
"We don't privatise any profit-making institution. We will never allow any private person to take this because CSL is in good profit," Gadkari said.
The dry dock at Cochin Shipyard is being set up at an investment of Rs 1,799 crore. It will be 310 metres long, 75 metres wide, with a depth of 13 metres and a draught of 9.5 metres.
Once ready in 2021, it will handle both ship-building and repairs. The dock will also have a water treatment plant.
"The dry dock will give an impetus to 'Make in India' initiative under Sagarmala, as this project is likely to increase India's share in global ship-building to 2 per cent," said Gadkari.
India's share in the global shipbuilding market is 0.66 per cent currently. The commercial shipbuilding industry in the country is worth Rs 3,200 crore and focuses primarily on small/medium sized off-shore vessels and cargo/bulk carriers.
Two 500-capacity passenger vessels, built by CSL for the Andaman and Nicobar Islands administration, were also launched by Kanchan Gadkari, the wife of the Union Minister.
(With inputs from agencies.)