New Delhi: Government on Wednesday approved initial public offer (IPO) for Cochin Shipyard to offload 10% stake in the country’s largest ship-building and repair facility under its control.
The decision was approved at a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.
There will be 10% stake sale in Cochin Shipyard, Coal and Power Minister Piyush Goyal told reporters after the Cabinet meeting.
Cochin Shipyard’s turnover has increased 5-fold from Rs 373 crore in 2005-06 to Rs 1,859 crore in 2014-15. The net profit has more than doubled during the period from Rs 94 crore to Rs 235 crore.
It is building four ships at an estimated cost of Rs 1,400 crore for Andaman & Nicobar.