Goa Shipyard posts highest value of creation at Rs 990 cr

PTI Panaji | Updated on August 24, 2011

Goa Shipyard Limited on Wednesday said it has reported highest value of production (VOP) at Rs 990 crore since its inception in 1957 in the last fiscal and is eyeing to train the navies from the Middle East, Africa and some South East Asian countries in ship repair and maintenance capabilities.

GSL Chairman and Managing Director (CMD), Mr Vineet Bakshi told reporters in an annual press conference here that the yard earned a profit of Rs 176 crore in the year ended March 2011 as against Rs 131 crore in 2010.

“During the financial year 2010-11, the company achieved highest value of production ever since its inception to Rs 990 crore as compared to Rs 866.48 crore the last fiscal,” Mr Bakshi added. GSL, based in the port town of Vasco, manufactures warships for the Indian Navy and Indian Coast Guard since 1961.

Mr Bakshi further said the first and second phase of the shipyard’s expansion has been completed, while he expects to achieve a total VOP at Rs 3,000 crore to Rs 4,000 crore from the third and fourth phase.

Adapting to modernisation has given a technical facelift for the yard thus making it the “first defence ship—building yard in India to be equipped with a modern shiplift facility and launching and docking of ships,” he said.

Published on August 24, 2011

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