Cochin Shipyard Shows Capability With Multi-Ship Launch As It Eyes Second Aircraft Carrier Order
The shipyard currently has an order book of Rs 22,000 crore which includes defence orders of nearly Rs 16,600 crore.
Cochin Shipyard Ltd. launched three anti-submarine warfare shallow-water crafts or corvette simultaneously as it looks to execute its Rs 22,000-crore order book in a timebound manner.
The civilian and defence shipyard received orders for eight corvette in 2019 valued at over Rs 5,500 crore.
This project was not easy as the bid process started in 2014 and it took four years to conclude the contract in April 2019, Madhu Nair, chairman and managing director at Cochin Shipyard, told BQ Prime on the sidelines of the launch. "This was followed by Covid and currency depreciation. We bid for this with aggression, which is Rs 100 crore lower than L2 bid, and we still made money on this contract."
The three Mahe Class vessels—INS Mahe, INS Malvan and INS Mangrol, named after historical Indian ports—will replace the Abhay Class ships. The corvette launched on Thursday will undergo fitment and completion over the next 12-18 months before it will be handed over to the Indian Navy.
Cochin Shipyard launched three anti-submarine warfare.
"We should be able to complete the first corvette by November 2024," said Nair, adding and rest two in another six months.
After INS Vikrant, which was commissioned last year, the simultaneous launch of three ships demonstrates the capability of Cochin Shipyard, he said.
Cochin Shipyard currently has an order book of Rs 22,000 crore which includes defence orders of nearly Rs 16,600 crore.
The shipyard also received orders for the next generation warfare ship valued at over Rs 9,800 crore. The technical and engineering work for the next generation warfare ships is underway, said Nair.
Cochin Shipyard became India's first civilian shipyard to bag the indigenous aircraft carrier order in 2009. The INS Vikrant was commissioned into the Navy in 2022. It now eyes the second order from the Defence Ministry for the second such vessel.
The Defence Acquisition Council is expected to meet this week to approve the proposal, along with fresh orders of 93 Light Combat Aircraft - Tejas for Hindustan Aeronautics Ltd.
Cochin Shipyard recently guided that it will close the financial year 2023-24 with a revenue of close to Rs 3,400 crore and margins of 18-19%.
