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Jan 11, 2018 02:48 PM IST | Source: Moneycontrol.com

Cochin Shipyard gains 6% on signing MoU with Mumbai Port Trust

The objective of the MOU is to develop a world class in integrated ship repair facility at Mumbai.

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Shares of Cochin Shipyard rose 6.5 percent intraday Thursday as it signed MoU with Mumbai Port Trust (MbPT).

The company signed a MoU with Mumbai Port Trust (MbPT) for management and operation of the shiprepair facilities at Mumbai Port Trust.

As per the terms of the MOU, MbPT and company are to associate with each other for utilizing the Indira Dock facility at Mumbai Port to set up a professional ship repair Eco system, that would be beneficial for the commercial as well as defence ship repair industry in India.

The MOU also provides for expansion of the ship repair capacity within the Indira Dock, that may include setting up of a floating drydock (FDD) and upgrading existing facility at HDD thereby enhancing the existing Ship repair capacity in Mumbai area.

The objective of the MOU is to develop a world class in integrated ship repair facility at Mumbai.

With this MOU, CSL is expected to provide end to end ship repair solution to ship owners.

This new initiative of signing the MOU with MbPT is in line with the company’s objective to have a pan India presence and the Ministry of Shipping initiatives to create viable ship repair hubs all over India.

At 14:38 hrs Cochin Shipyard was quoting at Rs 557.05, up Rs 22.25, or 4.16 percent on the BSE.

Posted by Rakesh Patil
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