Clarification: Thoothukudi shipyard not pursued; company says it is Anchor Shipyard for Dighi and Dugarajapatnam clusters
The company has clarified a media report that it decided not to proceed with the Thoothukudi shipyard project.
- Thoothukudi Shipyard Status
- Not pursued further after the JV company selected another shipyard as the Anchor Shipyard for that cluster
- Anchor Shipyard Selection
- Selected as the Anchor Shipyard for proposed Greenfield Shipbuilding Industrial Clusters at Dighi, Maharashtra and Dugarajapatnam, Andhra…
- Policy Framework
- Maritime Amrit Kaal Vision (MAKV) 2047
- Current Focus
- Presently focusing on developing these two proposed clusters
What the update says
Mazagon Dock Shipbuilders has written to BSE and NSE to clarify a news item that appeared on www.hindubusinessline.com, titled "Mazagon Dock Shipbuilders decides to not proceed with the Thoothukudi shipyard project".
The company confirms that it had earlier explored the development of a greenfield shipyard at Thoothukudi, Tamil Nadu. It says the same was not pursued further by the company, and links this to the decision of the joint venture company formed by a Tamil Nadu State Government entity and V.O. Chidambaranar Port Authority to select another shipyard as the Anchor Shipyard for the proposed Thoothukudi cluster.
Where the company says it stands now
The clarification states that MDL has been selected as the Anchor Shipyard for the proposed Greenfield Shipbuilding Industrial Clusters at Dighi, Maharashtra and Dugarajapatnam, Andhra Pradesh, under the Maritime Amrit Kaal Vision (MAKV) 2047.
It adds that the company is presently focusing on the development of these two proposed clusters.
How a retail investor can read this
- The news item was about a project the company is not going ahead with. The company's own words are that the Thoothukudi greenfield shipyard was explored earlier and was not pursued further.
- The stated reason is outside the company's own decision: the joint venture company for the proposed Thoothukudi cluster selected another shipyard as its Anchor Shipyard.
- The update separately points to two other proposed clusters, Dighi in Maharashtra and Dugarajapatnam in Andhra Pradesh, where the company says it has been selected as Anchor Shipyard.
- The words to note are selected (for the two clusters) and not pursued further (for Thoothukudi). The update does not describe either as a contract award or as a completed project.
Nothing further to act on
The letter closes by saying it is for the information and record of the exchanges.
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