September 7, 2016

GSL buys weapons suite for 12 MCMVs

Even as Goa Shipyard Limited (GSL) continues discussions with South Korean shipyard Kanganam Corp, the Vasco-based defence public sector unit has gone ahead with the purchase of the weapons and sensor suite for the 32,000 crore project to build 12 mine counter measure vessels (MCMV) for the Indian Navy.
 GSL is simultaneously working on infrastructure augmentation for the ambitious project to indigenously build mine counter measure vessels and with phase 3A of the expansion complete, it will now go in for phase 3B and phase 4, chairman and managing director Shekhar Mital said. "We have already floated a tender for the mines as well as the weapons and sensors part. These will be integrated with the vessel. For timely readiness of the vessel, it is very important that these weapons and equipment are received on time.
That is why we are working concurrently. On one side we are working on the technology transfer, on the second side we are working on the weapons and sensor suite," Mital said. The anti-ship mines and weapons suite is part of the equipment shortlisted by the Indian Navy for the 12 mine sweepers that will be built at the shipyard. Swedish firm SAAB, Atlas, Thales, BAE, Mahindra Defence and Bell are some of the companies that are participating in the 3,000-4,000 crore tender to supply the mines and sensor suite for the MCMV vessels. The Vasco-based shipyard is currently in discussion with Kangnam Corp regarding the technology transfer for minesweepers. "We had expected that we will be able to conclude the contract but somehow that has not happened.
 We are in the last stages. For the last two months, we are waiting to agree on the terms. We will sign the technology transfer with Kangnam and in a month or so we will get the quotation and significant headway has been made," Mital adde
On the financial front, Goa Shipyard has notched up higher profits backed by high capacity utilization and quicker delivery timelines. The yard saw its operating profit jump by 349% from 15 crore in 2014-15 to 68 crore in 2015-16. "The good part is that we have carried on with that momentum and we have done significantly better. Our turnover has moved up by 27% within a year," Mital said. The MD expects the yard to clock over 900 crore in turnover in the 2016-17 against the 725 crore in 2015-16.


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