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Goa Shipyard’s value of production is Rs 990 cr in FY 2011

Goa Shipyard’s value of production is Rs 990 cr in FY 2011
PTI
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First Published: Wed, Aug 24 2011. 05 40 PM IST
Updated: Wed, Aug 24 2011. 05 40 PM IST
Panaji: State-run Goa Shipyard Ltd on Wednesday said it has reported the highest value of production (VoP) at Rs 990 crore since its inception in 1957 in the last fiscal.
The company is eyeing to train the Navies from the Middle East, Africa and some South-East Asian countries in ship repair and maintenance capabilities, GSL chairman and managing director Vineet Bakshi said at a press conference here.
The yard earned a profit of Rs 176 crore in the year ended March 2011 as against Rs 131 crore in the previous fiscal.
“During the financial year 2010-11, the company achieved the highest value of production ever since its inception to Rs 990 crore as compared to Rs 866.48 crore the last fiscal,” Bakshi said.
The Vasco-based company has been manufacturing warships for the Indian Navy and Indian Coast Guard since 1961.
Bakshi said the first and second phase of the shipyard’s expansion has been completed, while he expects to achieve a total VoP at Rs 3,000 crore to Rs 4,000 crore from the third and fourth phase.
“Adapting to modernisation has given a technical face-lift for the yard, thus making it the “first defence ship-building yard in India to be equipped with a modern ship-lift facility and launching and docking of ships,” he said.
Responding to a query, the GSL management said the current global recession is unlikely to affect its targeted performance.
“There are 350 ships of the Indian Navy and Indian Coast Guard, which need to be replaced and because of our internal strength, we are competitive in the market,” Bakshi said, adding that the order book of the yard will continue to be full despite economic recession.
Meanwhile, announcing its foray into the field of training and specialised areas, Bakshi said the PSU has received an order from the Royal Navy of Oman for training their personnel.
“This is our first foray into the field of training and specialised areas,” he said, adding the yard is now looking to train navies of the Middle East, East and West Africa and some South East Asian countries in ship repair and maintenance capabilities.
“Wherever we may foray we expect to train the personnel there in ship repairs and maintenance,” the CMD said.
Bakshi said that the yard has so far delievered 112 interceptor boats for various state coastal security police force as per the order placed by the Ministry of Home Affairs.
The yard secured a repeat order from the Indian Navy for construction of the Kochi-based second damage control training facility at Seamanship School, he said.
“The contract for construction and supply of five pontoons for Indian Navy has been signed by the company with the Directorate General of Naval Procurement (DGNP), Mumbai,” Bakshi said, adding the yard will also build six offshore patrol vessels for the Indian Coast Guard.
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First Published: Wed, Aug 24 2011. 05 40 PM IST