Shri Sarbananda Sonowal announces investment of Rs. 50 crs in Maritime Start-ups by Cochin Shipyard

Kochi: April 30, 2022

Union Minister for Ports, Shipping & Waterways Shri Sarbananda Sonowal today announced in Kochi that Cochin Shipyard Limited (CSL) has committed to invest an initial corpus of Rs. 50 crs in start-up companies engaged in the maritime sector. The Minister also unveiled the Start-up engagement framework of CSL while speaking at the event in connection with the inauguration of the Golden Jubilee Celebration of Cochin Shipyard Ltd held this afternoon.

The Minister said that the Govt. of India was keenly focused on the development of the Start-Up eco system in the country. With a view towards development of start-ups in the maritime domain, the Ministry of PSW is working on a Start-up Engagement Framework, which will be promulgated shortly, he added.

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 young and talented entrepreneurs to develop products/services in the marine space with financial support from CSL.

The Minister felicitated CSL on its achievements over the last five decades including the construction of the country’s first Aircraft carrier and also its  initiatives on new technology and green solutions.

Shri Shantanu Thakur, Minister of State for Ports, Shipping and Waterways, Shri V Muraleedharan, Minister for State for External Affairs & Parliamentary Affairs, Dr. Sanjeev Ranjan, Secretary MoPSW, Mr Madhu S Nair, CMD, CSL, senior officials, current and past employees of CSL and other dignitaries graced the function.