Goa Shipyard modernisation apace

Our Bureau Panaji | Updated on August 24, 2011

Net profit rises to Rs 176 cr

Goa Shipyard Ltd is looking forward to enhancing its shipbuilding capacity by three times in near future once it fully commissions the last two phases of its modernisation project under way.

The shipyard is implementing an infrastructure modernisation project in phases.

The preparatory work is in progress to implement phases 3 and 4 of the plan which includes creating steel dockyard, steel preparation and fabrication shops, outfitting shops, new land berths, outfit jetty, shipyard cranes and other equipment, mechanical services and utilities. These are expected to be completed in 3-4 years after the award of works.

The GSL's Chairman and Managing Director, Mr Vineet Bakshi, announced the financial results at a press conference here on Wednesday. Mr S. Ananthasayanam, Director, Finance and Mr. P.K. Shrivastava, Director, CPP&BD were present.

Net profit rises

Mr. Bakshi said the shipyard achieved a record value of production of Rs 990 crore and a net profit of Rs 176 crore for the year 2010-11 as against Rs 866 crore and Rs 131 crore, respectively for the corresponding previous year. Mr Bakshi saidthe shipyard touched a new benchmark in terms of value of production and profits since its inception in 1957.

In reply to a question about apprehensions of global economic recession on the performance of GSL, the CMD said the Indian Navy and Coast Guard together will have nearly 350 ships built over the next 15 years considering the growing needs of the Indian defence. This would include building of new ships, replacement and repairs.

Considering the constraints of availability of land in and around the existing premises of the GSL in Vasco, GSL was looking out for land away from the present location onshore for setting up additional non-essential facilities such as warehousing and low-end activities which require more space onshore.

Mr Bakshi said the company has secured a repeat order from Indian Navy for construction of second Damage Control Training Facility at Seamanship School, Kochi.

Published on August 24, 2011

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