Govt. okays Rs.35,500 cr order for Goa shipyard

The Dollar Business Bureau

Defence Minister Manohar Parrikar on Tuesday said his ministry has okayed a Rs.35,500 crore order for Goa Shipyard Ltd. He expressed hope the project will generate employment opportunities for the local youth.

"We have finalised an order for Goa Shipyard Limited worth Rs 35,500 crore. To execute the order, there will be direct investment of Rs 4,000 crore by the Shipyard," Parrikar said in Goa.

He indicated the Shipyard has already begun to work on constructing jetties and other infrastructure, and it would be completed in next one-and-half years.

"Goa Shipyard will have a turnover of Rs 3,500 crore annually providing employment to 3,000 youths," he said.

Parrikar said the Shipyard would also undertake outsourcing of works which, in turn, would create employment opportunities.

The Minister said further discussions are underway to take over the Automobile Corporation of Goa Ltd. (a state government undertaking) by Hindustan Aeronautic Ltd. (HAL).

“This will bring in investment of Rs 4,000-5,000 crore and also more employment opportunities,” Parrikar said.

Last week, Goa Shipyard Ltd. (GSL) announced it has initiated a Rs.600 crore infrastructure augmentation-cum-modernisation programme to take the Mine Counter Measure Vessels (MCMV) project for the Indian Navy. The programme is at its advanced stage of execution.