Indian prime minister Narendra Modi announced in Kochi for the inauguration of a 310 m long new dry dock plus a brand new ship repair facility at Cochin Shipyard.
State-owned Cochin Shipyard, which can now boast the largest ship repair facilities in South Asia, has laid out plans to double turnover within four years.
Currently outside the top 10 shipbuilding nations globally with a market share of less than 1%, India’s prime minister is aiming to make his country a top five shipyard hub.
Addressing the Global Maritime India Summit 2023 last October, Modi said: “In the next decade, India will become one among the top five shipbuilding and repairs nations of the world.”
Cochin Shipyard is reported to be engaged in the construction, repair upgrading and conversion of all types of ships. It was listed on August 11, 2017 for the first time. As of September 30, 2022, the Government of India holds 72.86% stake in the Shipyard.