Indian shipbuilding service-providing giant Cochin Shipyard Limited, on Monday, February 17, announced that the firm has signed a memorandum of understanding (MoU) with A.P. Moller–Maersk to carry out ship repair, maintenance and shipbuilding in India, according to an exchange filing.The State-owned shipbuilder’s announcement aligns with India’s goal to boost the nation’s maritime industry. Also Read | Cochin Shipyard bags Adani Ports tug boat order, deal estimated at ₹450 crore“We would like to inform that Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MoU) with A.P. Moller–Maersk to explore collaboration opportunities in ship repair, maintenance, and shipbuilding in India,” said Cochin Shipyard in an official statement filed on the BSE.According to the filing, both companies will engage in areas such as sharing technical expertise for ship maintenance, repair, dry docking, new building opportunities, joint training programmes, and other skill development initiatives for both VSL and Maersk employees. Also Read | Cochin Shipyard has orders for 65 vessels worth ₹22,000 crore, eyes green shipsCochin Shipyard Share PriceCochin Shipyard Limited shares closed 1.65 per cent lower at ₹1,215.55 after Monday’s trading session, compared to ₹1,235.95 at the previous stock market close. The announcement was disclosed in the afternoon stock market session on February 17.Cochin Shipyard shares have given stock market investors over 600 per cent returns in the last five years and almost 43 per cent returns in the last one-year period. However, the PSU’s shares are trading 22.41 per cent lower on a year-to-date (YTD) basis in 2025.Also Read | Cochin Shipyard stock climbs 5% after securing ₹1,000 crore defence contractIndia’s Maritime GoalUnion Finance Minister Nirmala Sitharaman, in the Union Budget 2025-26 announcement, declared the government’s plan to build a ₹25,000 crore “Maritime Development Fund” to boost competition in the maritime industry.According to the official announcement, the government of India will contribute 49 per cent of the total corpus for the fund and the remaining balance is set to be funded by ports and private sector firms.Nirmala Sitharaman, in her announcement, also addressed that the government proposes to continue the exemption of the Basic Customs Duty (BCD) on raw materials, components, consumables or parts for the manufacture of ships for the coming ten years to make the industry more competitive.Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.Business NewsCompaniesNewsCochin Shipyard signs MoU with Maersk amid India’s ₹25,000 crore shipbuilding fund planMoreLess
Cochin Shipyard has entered into a memorandum of understanding with Maersk as India launches a ₹25,000 crore initiative to boost its shipbuilding industry.
