Mumbai: Cochin Shipyard has approached the Indian Shipping Ministry with a proposal for construction of a small ship division to cater to the high-value small commercial vessel segment. The unit, to be built on current shipyard premises, is expected to see an annual turnover of Rs 700 crore ($158m) by 2015, and will be capable of building eight vessels per year.
"We expect an early approval for the small ship division as the Shipping Minister has given whole-hearted support for the project," Cochin Shipyard chairman and md Commodore M Jitendran told the Hindu Business Line. [05/02/07]
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