Three defence shipyards pay Rs.1.05 bn as dividend

New Delhi, Oct 10 (IANS) Defence Minister A.K. Antony Friday urged the defence shipyards to expeditiously carry forward the process of modernization and reduce the time taken to build warships so as to compete with the best in the world.

Speaking on the occasion of receiving dividend cheques totalling Rs.1.05 billion from Mazagon Docks Limited (MDL), Garden Reach Shipbuilders & Engineers (GRSE) and Goa Shipyard Limited (GSL), the minister expressed satisfaction on the receipt of over 20 percent dividend from the shipyards.

According to Antony, the warship building process in the country was poised for a quantum jump in the next few years.

This would include increased design capabilities matched with global level infrastructure in all the three defence shipyards.

The minister also noted that all the three shipyards were moving ahead with state-of-the-art modernization programmes to keep pace with the global shipbuilding technologies and meet the challenges of future warship building in India.

'It will be the first time that all the three defence shipyards together are poised to become state-of-the-art shipbuilders in the next few years,' Antony added.

Three Defence Public Sector Undertakings (PSUs) namely Mazagon Docks Limited, (MDL), Garden Reach Shipbuilders & Engineers (GRSE) and Goa Shipyard Limited (GSL) paid a total of Rs.1,048.4 million as dividend for the financial year 2007-08 to the Defence Minister in New Delhi, today.

MDL, which paid a dividend of Rs.418.3 million or 21 percent of its paid up equity, has so far built 196 ships. It is currently constructing 14 vessels, which include three frigates, three destroyers and six submarines for the Indian Navy.

GRSE paid an overall dividend of Rs.247.7 million or 20 percent of its paid up equity. With its shipyard and engineering wing at Kolkata and the engine division at Ranchi, GRSE has built 91 ships and is currently making another 15. These include four corvettes, a large tank carrier and a fast attack craft for the Indian Navy.

GSL paid dividend of Rs.74.3 million out of a total dividend of Rs.145.5 million. It has built 182 ships till date and is currently making 10 ships, which include offshore patrol vessels, advanced offshore patrol vessels and sail training ships for the Indian Navy and the Indian Coast Guard.