KSINC getting ready to expand its operations outside Kerala

Our Bureau Kochi | Updated on May 15, 2020

To build boats from Odisha, Bihar and Lakshadweep; targeting a revenue of ₹100 crore in the current financial year

The Kerala Shipping and Inland Navigation Corporation is all set to expand its operations in Odisha, Bihar and Lakshwadeep. The Odisha Tourism Department has signed an agreement with KSINC for various projects and, in the first phase, the company will build boats to be used in the Chilika Lake in Odisha and the Kanika National Park in Bihar.

The blueprint for the house boats to be built in the second phase are being drawn up now. Preparations are on to sign agreements with the governments of Maharashtra, Karnataka and Assam. A blueprint of an all-weather boat for the Lakshwadeep administration has been submitted for approval, said Prasanth Nair, KSINC Managing Director.

Targeting revenue of ₹100 crore in the current financial year, he said KSINC has taken up the Malabar-Malanad River Cruise Circuit (₹4.69 crore), Ashtamudi Lake Circuit (₹2.37 crore), Kumarakam Water Sports, Chanaganasserri Water Sports, Kodimatha Water Sports (for ₹83 lakh each), Kappil Priyadarshini Club Water Sports (₹93 lakh), and various projects under the tourism department.

For the first time, KSINC has come out of the red, achieving a profit of ₹1 crore in 2019-20, after registering a loss of ₹98 lakh in the previous year.

Profitable venture

According to Viswas Mehta, Chairman, the focus given to water transportation has turned out to be a profitable venture. The total revenue has touched ₹19.17 crore from ₹13.21 crore and freight revenue has gone up to ₹6.91 crore from ₹4.57 crore.

The revenue from Nefertiti, the luxury cruise vessel, has increased from ₹69.84 lakh to ₹2.4 crore. However, due to lockdown in March, Nefertiti could not meet its expected annual revenue. The vessel had good profits in the preceding three months, he added.

The Corporation is also awaiting government sanction to build a floating boat jetty for the Inland Water Transport department. The blueprint for an ammonia barge for FACT is also being drawn up. The agreement process for barges and solar boats is in its final stage, he said.

Published on May 15, 2020

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