COCHIN SHIPYARD acquires unlisted subsidiary HOOGHLY COCHIN SHIPYARD

COCHIN | MUMBAI | AHMEDABAD-GANDHINAGAR | RAJKOT – In a regulatory filing submitted to the Indian Stock Exchanges, Cochin headquartered ship-building company Cochin Shipyard Ltd said of having acquired its unlisted subsidiary company Hooghly Cochin Shipyard Ltd from Hooghly Dock & Port Engineers Ltd for consideration of 50 million (~5.06 crore) rupees.

The filing submitted by the company to the Indian Bourses titled – “Acquisition of balance 26% of equity shares in Hooghly Cochin Shipyard Ltd (HCSL)” further read that, Cochin Shipyard Limited (CSL) has acquired 57,20,000 (26%) equity shares of Hooghly Cochin Shipyard Limited (HCSL), an unlisted subsidiary of CSL, held by Hooghly Dock & Port Engineers Limited (HDPEL) on November 01, 2019 at total consideration of Rs.5.06 crores.

Prior to this acquisition of shares, CSL was holding 74% of the equity shares of HCSL.


Hooghly Cochin Shipyard Limited (HCSL) was formed as a Joint Venture between Cochin Shipyard Limited (CSL) and Hooghly Dock & Port Engineers Limited (HDPEL) on October 23, 2017 with the objective of re-building and modernizing the shipbuilding infrastructure at HDPEL’s facilities at Nazirgunge and Salkia in Kolkata by taking over the said facilities from HDPEL on lease.

HCSL is an initiative with an ambition to be a lead player in the inland water ways segment of Shipbuilding and Ship repair, which is rapidly evolving in the country.

With this acquisition of shares, HCSL has become a Wholly Owned Subsidiary of CSL with a paid up share capital of Rs.22 crores.


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