Cochin Shipyard Readies For 2nd Aircraft Carrier Order For Indian Navy
Cochin Shipyard Ltd. effectively launched a trio of anti-sub warfare shallow-water craft or corvettes at the same time, indicating its commitment to completing the Rs 22,000-crore order book on time. The civilian and defence shipyard 2019 received orders for eight new corvettes worth over Rs 5,500 crore.
Madhu Nair, Chairman and Managing Director of Cochin Shipyard, disclosed that the project had hurdles, with the bid process beginning in 2014 and ending with signing the agreement in April 2019. Nair revealed this during an interview with BQ Prime on the eve of the launch. Then came Covid and currency depreciation.
They bid aggressively for this contract, which was a whopping Rs 100 crore lower than the L2 price, and they nevertheless made money on it.
The INS Mahe, Malvan, and Mangrol, all based on historical Indian ports, are planned to replace the current Abhay Class ships. The recently launched corvette will be fitted and completed over the following 12-18 months before being handed over to the Indian Navy.
According to Nair, we should be able to finish the first corvette by November 2024 and the remaining two in another six months. Following the commissioning of INS Vikrant in 2022, the simultaneous launching of three ships, according to the corporation, highlights Cochin Shipyard’s capabilities. Cochin Shipyard now has an order book over Rs 22,000 crore, about Rs 16,600 crore of which is committed to defence purchases.
The shipyard has received orders for a next-generation warfare ship worth more than Rs 9,800 crore. The Chairman and Managing Director, Madhu Nair, claimed that technical and engineering projects for the next generation of naval warfare ships are now underway.
Cochin Shipyard, the first Indian private shipyard to win the indigenous aircraft carrier order in 2009, commissioned the INS Vikrant into the Indian Navy in 2022 and is now seeking a second order from the Defence Ministry for a comparable vessel.
The Defence Acquisition Council, which is expected to meet this week, is expected to approve the proposal, which includes additional orders for 93 Light Combat Aircraft – Tejas for Hindustan Aeronautics Ltd.
Cochin Shipyard expects to end the fiscal year 2023 and 2024 with revenue close to Rs 3,400 crore with margins ranging from 18 to 19%.
Reference: myind.net
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