The Centre will offload 10% stake in Cochin Shipyard, the largest shipping and ship repair yard in the country, shipping secretary APVN Sarma said on Tuesday.
''The Department of Economic Affairs has suggested offloading of 10% shareholding. We have agreed to the proposal. The companies lined up for disinvestment also includes Cochin Shipyard,'' Sarma said on the sidelines of an Assocham conference.
Cochin Shipyard is a mini ratna company and had posted 70% increase in net profit at Rs 160 crore for 2008-09 financial year. It declared a dividend of Rs 19.66 crore for the year. The networth of the firm increased from Rs 429.42 crore in 2007-08 to Rs 566.49 crore in 2008-09.
The company had achieved a shipbuilding income of Rs 986 crore during 2008-09 against Rs 582 crore in 2007-08. Ship repair turnover during the year was Rs 270 crore.
Sarma also said that 20 public private partnership projects would be awarded this fiscal for port development. ''The ministry has also asked the finance ministry for a tax regime that is favourable to the Indian carriers,'' he said, adding that at present 90% of the cargo is carried by foreign carriers. "We want to raise the role of Indian ships," the secretary said.
