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The Kerala government will lease 18.16 acres of land on an island near Kochi city to Cochin Shipyard for a ship block building project involving an investment of around INR 5,000 crore. The project is expected to create about 2,000 direct jobs and generate additional indirect employment. The state will receive an annual lease amount of INR 1.45 crore, which will rise to around INR 1.70 crore including GST. The proposal, which had remained pending for some time, was cleared after discussions with Cochin Shipyard. The project is also expected to support Kerala’s shipbuilding sector and attract further investment.
The Kerala government has cleared a proposal to lease 18.16 acres of land to Cochin Shipyard for a ship block building project in Kochi. The project is expected to involve an investment of around INR 5,000 crore and create approximately 2,000 direct jobs, apart from additional employment through related activities.
Chief Minister V D Satheesan said the land is located on an island close to Kochi city and will be leased to Cochin Shipyard for developing the facility. The state government will receive an annual lease amount of INR 1.45 crore. Including GST, the total annual revenue from the lease is expected to be around INR 1.70 crore.
The proposal had been pending for some time and was cleared following discussions between the state government and Cochin Shipyard. Satheesan said the project could create further development opportunities in Kochi along with the direct employment generated by the facility.
The proposed investment also comes as Kochi is seeing a wider push in maritime infrastructure. Cochin Port Authority and Cochin Shipyard had earlier signed MoUs for a Ship Block Building Unit with a proposed investment of INR 3,800 crore and a Ship Repair Facility with an investment of INR 1,500 crore.
The ship block building facility is part of the broader development planned around the Cochin Port and shipyard region. Other proposed port-linked projects have also included improvements in cargo handling, dredging, storage and maritime services. The combined investment in various projects around the port and shipyard region has been estimated at around INR 10,000 crore.
Cochin Shipyard has a long-standing presence in Kochi and has developed capabilities in building and repairing large vessels. A Union government report on India's shipbuilding sector had noted that the shipyard was capable of building vessels of up to 1,10,000 DWT and undertaking ship repairs of vessels up to 1,25,000 DWT.
The latest land lease decision is expected to provide the space required for the proposed ship block building activity while adding to the industrial use of land around Kochi's port-linked areas. The government expects the investment and associated employment to support the state's shipbuilding sector and encourage further investments in the maritime industry.
Source PTI
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