It is reported that shipping ministry supports the department of economic affairs move to divest government equity in state run Cochin Shipyard.
Mr APVN Sarma Shipping Secretary also said that 20 public private partnership schemes would be signed this year for port projects, while the ministry is also working on a better taxation regime for Shipping companies to boost maritime trade.
Mr Sarma told reporters on the sidelines of an ASSOCHAM event that "We have broadly agreed to Department of Economic Affairs recommendation. DEA is likely to ask for 10 percent disinvestment in PSUs. This includes Cochin Shipyard.”
Cochin Shipyard, which attained category 1 Miniratna status in July 2008, posted a 70% increase in net profit at INR 160 crore for 2008-09 financial year.
The company declared a dividend of INR 19.66 crore for 2008-09. The continued profit of the yard had resulted in an increase in net worth from INR 429.42 crore in 2007-08 to INR 566.49 crore in 2008-09.
(Sourced from http://www.steelguru.com/news/index/2009/09/16/MTExOTE5/Shipping_Ministry_favors_divestment_in_Cochin_Shipyard.html)
Tuesday, September 15, 2009
Shipping Ministry favors divestment in Cochin Shipyard
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