Cochin Shipyard arm wins ₹100-250 crore tug construction order from Adani Group firm

State-owned Cochin Shipyard Ltd on Thursday (May 7) said its wholly owned subsidiary, Udupi Cochin Shipyard Ltd (Udupi-CSL), has secured a notable order from Ocean Sparkle, an Adani Group company, for the construction of four ASD (Azimuthing Stern Drive) tugs with 70-tonne bollard pull power.

The company classified the order under the “Notable” category, indicating an order value between ₹100 crore and ₹250 crore. The tugs will be built in line with the Approved Standard Tug Design and Specifications (ASTDS) issued by the Ministry of Ports, Shipping & Waterways, Government of India.

According to the company, deliveries of the tugs will commence from November 2028 and are scheduled to be completed by June 2029.Also Read: Cochin Shipyard profit down 18% despite higher revenue, plans electric ship project and Europe expansion

Cochin Shipyard said none of its promoters, promoter group entities or group companies have any interest in the entity awarding the order. The company also stated that the contract does not qualify as a related-party transaction.

Back in February this year, Cochin Shipyard had emerged as the lowest bidder for a ₹5,000 crore Navy vessel contract as the shipbuilding and maintenance company was declared the lowest bidder (L1) for a tender floated by India’s Ministry of Defence to build five Next Generation Survey Vessels (NGSVs) for the Indian Navy.

However, the company mentioned that the final award of the contract is subject to the completion of necessary formalities. It added that the order does not involve any related party transactions and that its promoter group has no interest in the awarding entity.

Also Read: Cochin Shipyard shares rise as it wins up to ₹250 crore green tug order from Polestar Maritime

Shares of Cochin Shipyard Ltd ended at ₹1,815.20, up by ₹62.15, or 3.55%, on the BSE.