Cochin Shipyard Limited on Monday announced that the firm had signed a memorandum of understanding (MoU) with the Danish shipping and logistics companyA.P. Moller–Maersk to carry out ship repair, maintenance and shipbuilding in India.
The State-owned shipbuilder's announcement aligns with India's goal to boost the nation's maritime industry.
“We would like to inform that Cochin Shipyard Limited (CSL) has entered into a memorandum of understanding (MoU) with A.P. Moller–Maersk to explore collaboration opportunities in ship repair, maintenance, and shipbuilding in India,” said Cochin Shipyard in an official statement filed on the BSE.
According to the filing, both companies will share technical expertise for ship maintenance, repair, dry docking, new building opportunities, joint training programmes, and other skill development initiatives for CSL and Maersk employees.
Cochin Shipyard Limited shares closed 1.65 percent lower at ₹1,215.55 after Monday's trading session, compared to ₹1,235.95 at the previous stock market close. The announcement was disclosed in the afternoon stock market session on February 17.
Cochin Shipyard shares have given stock market investors over 600 percent returns in the last five years and almost 43 percent returns in the last one-year period. However, the PSU's shares are trading 22.41 percent lower on a year-to-date (YTD) basis in 2025.
Union Finance Minister Nirmala Sitharaman, in the Union Budget 2025-26 announcement, proposed to build a ₹25,000 crore “Maritime Development Fund” to boost competition in the maritime industry. The government would contribute 49 percent of the total corpus fund and the balance by ports and private sector firms.
Nirmala Sitharaman, in her Budget announcement, proposed to continue the exemption of the Basic Customs Duty (BCD) on raw materials, components, consumables or parts for the manufacture of ships for the coming ten years to make the industry more competitive.
(By arrangement with livemint.com)
