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Wednesday, Mar 13, 2002

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Ministry studying CSL expansion

Our Bureau

NEW DELHI, March 12

THE Union Shipping Ministry is considering a proposal submitted by Cochin Shipyard Ltd (CSL) to expand the ship repair facilities at an estimated cost of Rs 98.38 crore.

The expansion proposal involved installation of 120 M ship-lift system with essential facilities for which CSL would contribute Rs 48.38 crore from its internal resources, while the balance Rs 50 crore was expected to be raised from the market, Government sources said. Singapore's Keppel Shipyard has evinced interest in forging a joint venture with CSL for ship repair facilities.

The Shipping Ministry has also favoured privatisation of CSL as recommended by the Expenditure Reforms Commission (ERC).

The newly re-constituted Disinvestment Commission headed by Dr R.H. Patil would study the case of CSL and make suitable proposals for its privatisation through the induction of a strategic partner, the sources said.

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