The Cabinet Committee on Economic Affairs, chaired by the Prime Minister, has approved the development of a state-of-the-art Ship Repair Facility at Vadinar, Gujarat. The project will be jointly implemented by Deendayal Port Authority (DPA) and Cochin Shipyard Limited (CSL) under the aegis of the Ministry of Ports, Shipping and Waterways (MoPSW), Government of India, with a combined investment of Rs.1,570 crore. The facility is planned as a brownfield development featuring a 650 metres jetty, two large floating dry docks, workshops, and associated marine infrastructure, all targeted for completion within 36 months.

Project Structure and Investment Breakdown

The project involves a clearly defined division of responsibilities and investment between the two implementing agencies. The following table summarises the key project parameters:

DPA will be responsible for developing civil infrastructure, including jetties, at an estimated cost of Rs.650 crore. CSL will invest approximately Rs.920 crore in ship repair infrastructure, including two large floating docks, and will operate the facility upon completion. The project will be financed through a combination of internal resources and debt.

Strategic Location and Rationale

Vadinar's natural deep draft, connectivity to major shipping routes, and proximity to key ports such as Mundra and Kandla make it an optimal location for ship repair operations, particularly for large commercial and foreign-flagged vessels. The facility directly addresses a critical gap in India's ship repair infrastructure, as the country currently lacks adequate domestic capacity to repair large vessels exceeding 230 m in length.

Cochin Shipyard's existing facilities are primarily designed to accommodate vessels up to 250 m in length. The proposed Vadinar facility will extend this capability to vessels ranging from over 250 m up to 300 m in length, enabling high-value repairs of large vessels within India and significantly reducing dependence on foreign shipyards, thereby curbing foreign exchange outflow.

Employment and Economic Impact

The Vadinar Ship Repair Facility is expected to generate broad economic and employment benefits across the region. Key anticipated outcomes include:

• Direct employment: Approximately 290 direct jobs across ship repair and related operations
• Indirect employment: Around 1,100 indirect jobs in logistics and ancillary industries
• MSME development: Catalysing growth of maritime ancillary services and MSMEs in the surrounding region
• Skill development: Creating opportunities for skill development in the maritime sector
• Port competitiveness: Enhanced turnaround times and strengthened repair capability on the western coast

Alignment with National Maritime Vision

The initiative is aligned with India's long-term maritime objectives under Maritime India Vision 2030 and Maritime Amrit Kaal Vision 2047. By bolstering domestic ship repair capacity on the western coast, the project is expected to improve the overall competitiveness of Indian ports and contribute to regional economic growth. The disclosure was made by Cochin Shipyard under Regulation 30 of the SEBI LODR Regulations, with the formal communication signed by Company Secretary Syamkamal N on May 06, 2026.

Cochin Shipyard Limited has announced significant changes in its internal audit leadership, with the appointment of a new head following the recent retirement of a senior executive. The company has disclosed these developments in compliance with regulatory requirements for listed entities through official communications to stock exchanges.

Leadership Transition in Internal Audit

The company has designated Smt. Riya Mathew, Assistant General Manager (Internal Audit) I/c, as the Head of Internal Audit effective May 02, 2026, until further orders. This appointment follows the retirement on superannuation of Smt. Mary Ranjit Abraham, Deputy General Manager (Internal Audit) and Head of Internal Audit, who retired from the company's services on April 30, 2026.

Professional Profile of New Head

Smt. Riya Mathew, aged 45, brings substantial expertise to her new role as a Chartered Accountant with nearly 20 years of experience in finance, internal financial control and audit. She holds a Bachelor of Commerce degree from Mahatma Gandhi University and a Post Graduate Diploma in Business Administration from Symbiosis Centre for Distance Learning.

Career Progression at Cochin Shipyard

Smt. Riya Mathew joined Cochin Shipyard Limited in February 2007 as Assistant Manager (Finance) and has worked across various finance functions including Billing, Internal Financial Control & Audit, and IAC Finance. Her extensive experience within the organization positions her well for the leadership role in internal audit operations.

Regulatory Compliance and Documentation

The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The official communication was signed by Syamkamal N, Company Secretary of Cochin Shipyard Limited, and bears the reference number SEC/48/2017-63, dated May 02, 2026.