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Ministry favours divestment of shipyards

Union shipping ministry is in favour of divestment of shipyards to make them more competitive and is on the look out for tie-ups with more experienced yards to achieve goals in ship-building, Shipping Minister Ved Prakash Goyal said soon after dedicating 'Maharshi Parasuram', the 93,000 DWT double-hull tanker of the Shipping Corporation of India in Kochi on Tuesday.

The ministry was taking SCI's help for the tie-ups and "very soon there would be new faces to help us in achieving the goals," he said.

Asked if there was any time frame for divestment of shipyards, he replied in the negative saying it was an ongoing process.

He said all efforts were being made to pull the Hoogly dockyard and the Hindustan Shipyard out of the red. "The situation has gone above political wranglings. We cannot stay behind," he said pointing to China, which had raced ahead of India.

When pointed out that Cochin shipyard had received a letter of intent from the Indian Navy for construction of an Air Defence ship at the yard and that the divestment process could pose a security risk, the minister said "Divestment process will not clash with security solutions."

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