COCHIN: State-owned Cochin Shipyard will enter the inland vessel building segment on the back of strong growth potential in the next three years. The company will build small barges, passenger ferry, river-sea vessels and river cruise among other inland vessels.
“We have seen action on the Ganga and Brahmaputra stretches and hence this segment is promising for shipbuilders,” Madhu Nair, Chairman and Managing Director of Cochin Shipyard said. “We are expecting the inland waterways market to open up over the next three years and are preparing to capture this market,” he added.
The shipbuilder has already received in-principal nod to form a joint venture with Hooghly Dock & Port Engineers (HDPE), part of the Ministry of Shipping as the latter already has expertise in the segment.
“We will move strongly into this space with the two shipyard assets of HDPE and would take about 18 months to build up this facility further after it has received environment clearance,” said Nair.
HDPE, which has been under financial stress for a while, has two shipyards in Kolkata. While Cochin Shipyard refrained from divulging any revenue estimates from inland vessels division, Nair said that the company would take three years to bring in any revenues from this division of business.