Cochin Shipyard acquires 26 per cent in Hooghly Cochin Shipyard for Rs 50.6 million

Cochin Shipyard Limited (CSL) has acquired a 26 per cent stake in Hooghly Cochin Shipyard Limited (HCSL) from Hooghly Dock and Port Engineers Limited (HDPEL) for a consideration of Rs 50.6 million. Prior to the acquisition, CSL held a 74 per cent equity stake in HCSL. With the acquisition, HCSL has become a wholly owned subsidiary of CSL with a paid-up share capital of Rs 220 million. HCSL was incorporated as a JV between CSL and HDPEL for the upgradation and modernisation of shipbuilding infrastructure and other works in Salkia and Nazirgunge.