The Indian Navy has been pushing for a third carrier, expected to be a 65,000-tonne warship, after the commissioning of India’s first indigenously-built aircraft carrier, INS Vikrant, of around 45,000 tonnes. In an exclusive interview with CNBC-TV18, Madhu Nair, Chairman and Managing Director of Cochin Shipyard, revealed that the third carrier could be manufactured in just eight years, compared to 13 years that it took for INS Vikrant.
However, the Central government is yet to give its approval for the third carrier.
The CMD claimed that the company had delivered two of India’s largest double hull Aframax tankers and 40 offshore vessels to western Europe. Despite INS Vikrant being CSL’s first order from defense, the company had the help of experience in building large ships in the past.
“Around 550 companies were involved in making the vessel. Some of the major companies that provided impetus to the construction were, BEL, BHEL, GRSE, Keltron, L&T, Kirloskar, and Wartsila India,” the CMD said.
From the Indian defence sector, CSL has an orderbook worth Rs 6,400 crore for eight ASW (Anti-submarine warfare) vessels and expects an order of six next-generation missile vessels. The total amount for the expected order book is around Rs 16,000 crore, the CMD claimed. Additionally, the company also has order bookings of over Rs 2,000 crore related to the aircraft vessel.
The company is optimistic about receiving order bookings from Germany for eight vessels, Nair added.
The manufacturing cost of INS Vikrant kept escalating from its original price during the time of its making. In a market where raw materials’ costs are volatile, the CMD said that they have concurrent clauses for the pricing in order to mediate the cost of making.
Speaking on the impact of increased capacity of 65,000 tonnes, the expected cost for the third vessel is going to vary, he added.
Cochin Shipyard's consolidated June 2022 quarter net sales were at Rs 440.85 crore, up 33.83 percent YoY. Additionally, EBITDA stood at Rs 87.43 crore, up 30.96 percent from Rs. 66.76 crores in June 2021.
Shares of Cochin Shipyard were trading at Rs 377 a piece on the NSE, down by 0.62 percent at 3:06 PM.
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