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Cochin Shipyard disinvestment on hold

Cochin Shipyard disinvestment on hold

New Delhi: The Shipping Ministry is believed to have put the disinvestment of Cochin Shipyard on the backburner, as the state-run shipyard has yet to firm up its expansion plans for which it had to raise funds.
The government was mulling disinvestment in Cochin Shipyard Ltd through an initial public offering (IPO) and is now likely to take a while following the expansion plans getting delayed.
"Its (Cochin Shipyard) IPO has to be linked to its expansion, they are working on the expansion...which may take up to next fiscal (2011-12) to complete, therefore not right now," a Shipping Ministry official said.
An IPO would make Cochin Shipyard the first state-owned shipbuilder to be listed on the bourses.  [07/02/11]