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CSL launches eleventh FPV for Coast Guard

Cochin Shipyard today launched the eleventh of the 20 Fast Patrol Vessels (FPV) being built for the Indian Coast Guard.

The vessel named ‘ICGS ANAGH’ was launched by R Nishanthini, Deputy Commissioner of Police at a ceremony at Cochin Shipyard. M G Rajamanickam, District Collector (Ernakulam) laid the Keel of the FPV.

CSL has so far delivered 8 vessels in the 20 vessel series and the ninth vessel is getting ready for sea trials. The eighth vessel ICGS AMARTYA was handed over to the Indian Coast Guard in September.

During 2013-14, CSL had delivered five fast patrol vessels to Indian Coast Guard and two high end Platform Supply Vessels to Norwegian owners.

The company has declared a dividend of 15% (Rs 1.5 per equity shares of Rs 10 each) amounting to Rs 17 crore. CSL continued to post impressive performance during 2013-14 with a turnover of Rs 1637 crore as against the previous year’s figures of Rs 1554 crore.

Net profit during the year was 194 crore as against Rs 185 crore in the previous financial year. The company also contributed Rs 162.10 crore to the National Exchequer by way of value added tax, Income Tax, Excise Duty, Customs Duty and Service Tax.

During 2013-14, the company has ventured into its first major expansion through the ISRF ( International Ship repair Facility) project at Cochin Port Trust area . CSL had taken over the ship repair facility of Cochin Port for a lease period of 30 years.

The lease deed for the land and water area was executed on 12th April 2013. CSL started using the existing facility from May 2013 onwards and has completed 10 repair projects so far. The company is proposing to put up a ship lift system in the area which will cater for vessels of 130 meter long.

The proposed ship lift system will provide work stations for docking 6 ships. The yard has already entered into MOUs with UTL and CIFNET for taking up their repair requirements in the new facility. The yard is also hoping to enter into similar arrangements with Indian navy and Coast Guard.

The Ministry of Shipping has recently approved the company’s new high density dry dock project at an investment of Rs 1,200 crore. The company would soon commence the work of preparation of the Detailed project report for the new dock.

It is expected that with the commissioning of the new dock, the company’s prospects for taking up the construction of large sized Aircraft Carriers and LNG carriers will be strengthened.

The company is also looking at the prospect of construction of Dredgers for the nation and is in negotiations with international firms for transfer of dredger building technology, a press release said.

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