Cochin Shipyard to invest Rs. 50 Crores in Maritime Start-ups

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Shri Sarbananda Sonowal, Hon’ble Union Minister for Ports, Shipping & Waterways today announced that Cochin Shipyard Limited has committed to invest an initial corpus of Rs. 50 Crores in Start-up companies engaged in the maritime sector. The Hon’ble Minister also unveiled the Start-up engagement framework of Cochin Shipyard Limited at a function held this afternoon at Kochi.

“The Govt. of India is keenly focused on the development of the Start-Up eco system in the country. Many major initiatives, like “Start-Up India” etc. have facilitated the growth of numerous start-ups in the country. With a view towards development of startups in the maritime domain, the Ministry of PSW is working on a Start-up Engagement Framework, which will be promulgated shortly.

I am therefore extremely pleased to announce the promulgation of the Start-Up Engagement Framework of Cochin Shipyard today, with an initial corpus of Rs.50 crores”. The Hon’ble Minster was speaking on the occasion of inauguration of the Golden Jubilee celebrations of Cochin Shipyard Limited.

The start-up framework is envisaged to augment Government of India’s initiatives to develop an ecosystem in India to support Maritime Start-ups from technical, regulatory, financial and marketing point of view by bringing stakeholders together. The framework will provide a platform for the young and talented entrepreneurs to develop the products / services in the marine space with financial support provided by Cochin Shipyard Limited.

The Minister was speaking at the event in connection with the Inauguration of the Golden Jubilee Celebration of Cochin Shipyard Ltd, organised at CSL Kochi. The Minister felicitated CSL on its achievements over the last five decades including the construction of the country’s first Aircraft carrier, which propelled India into the elite group of nations in the world. CSL’s initiatives on new technology and green solutions was also praised by the Hon’ble Minister.

Apart from the Hon’ble Minister of Ports, Shipping and Waterways, Shri Shantanu Thakur, Hon’ble Minister of State for Ports, Shipping and Waterways, Shri V Muraleedharan, Hon’ble Minister for State for External Affairs & Parliamentary Affairs, Adv. Anil Kumar, Hon’ble Mayor of Kochi, Shri TJ Vinod, Hon’ble MLA, Ernakulam, Dr. Sanjeev Ranjan, IAS, Secretary MoPSW, Mr Madhu S Nair, CMD, CSL, senior officials, current and past employees of CSL and other dignitaries graced the function, which was presided over by Shri Hibi Eden, Hon’ble MP of Ernakulam.