Indian Government sells off 5% stake in state-owned Cochin Shipyard
Cochin is pivotal in India’s grand shipbuilding plan (Source: Cochin shipyard)
The Modi administration has previously declared its intention to increase the size of Cochin and other shipyards in India, with aspirations of becoming a top-five global shipbuilder within the next decade. This year, the shipyard opened a new drydock and a new shiprepair facility.
Recently, the yard completed India’s largest vessel, warship INS Vikrant, which the Modi administration believes will be the first step in its growth plans. Speaking at a summit last year, Prime Minister Modi said: "The recommissioning of our indigenous aircraft carrier INS Vikrant is a unique reflection of India’s capability and strength. In the next decade, India will become one among the top five shipbuilding and repair nations of the world."
"We all know that the majority of world trade happens by sea. In the post-covid era, the world will need reliable and resilient supply chains," he said, adding that the Government has placed "a lot of focus on shipbuilding and repairs."
