"The major renovation and modernisation will begin soon after the detailed project report is ready. It is expected within a month. All agreements with the Cochin Shipyards Ltd have also been signed," HDPE Chairman Balaji Arun Kumar told PTI.
Renovation of the docks will be done under a new corporate identity -- Hooghly Cochin Shipyard Ltd, a 24:76 per cent joint venture between the Hooghly Dock and Port Engineers and the Cochin Shipyards Ltd.
Investment by the Cochin Shipyard will depend on the final DPR but in the first phase it will be at least 70-80 crore but in phases it will go up to at least Rs 130-150 crore, he said.
The HDPE will remain as a holding company with 24 per cent stake of the Hoogly Cochin Shipyard Ltd.
The HDPE has currently 43 people on its roll. Kumar said they had sent a proposal to the ministry for a special VRS scheme.
The HDPE has leased both shipyards to the SPV for an initial period of 30 years, which can be extended for another 30 years.
The central government's 'Jal Marg Vikas Project' is developing the National Waterways-I at an estimated cost of Rs 4,200 crore.
The newly formed company is expecting contracts for new low draft barges and vessels for inland waterways, he said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)