Cochin Shipyard gets miniratna status

The grant of miniratna status would set the pace for the shipyard to sustain the growth momentum and achieve its vision of becoming an international shipyard of repute. It would also empower the board of CSL to take speedy decisions on capital expenditure, a CSL release stated.

The company achieved a record turnover of Rs 967 crore during the year 2007-08. The net profit was up 60 per cent at Rs 93 crore in 2007-08, as compared with Rs 58 crore registered in the previous year.

Improved performance and profitability of the company has resulted in an increase in networth from Rs 264 crore as on March 31, 2004, to Rs 429 crore as on March 31, 2008, registering an increase of 63 per cent.

The yard has proposals for setting up a drydock to cater to building and repairs of large-sized ships.

Besides, the yard's proposal to create a separate division for small commercial ships has received the Centre's nod and the facility is expected to be commissioned by mid 2009, the release added.