New Indian yard gets go-ahead

While the Indian government hands over the Vizag-based Hindustan Shipyard (HSL) to the defence ministry this week, it has approved the establishment of a new shipyard. According to the decision of the government, HSL will now cater to the requirements of the defence establishment to build strategic vessels and other advanced marine equipment.

Meanwhile, the government approved the construction of a new shipyard for HSL to operate under the shipping ministry and will be built through a joint venture at a cost of about $800 million.

Although details of the project are yet to be finalised, the government is looking to select an appropriate location for the project during the next few months.