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Mital: GSL working on missile frigates project worth `14,850 cr

Mital: GSL working on missile frigates project worth `14,850 cr

NT NETWORK

 

VASCO

Chairman and managing director of Goa Shipyard Ltd (GSL) Rear Admiral (retired) Shekhar Mital, on Friday, said that GSL is now working on Missile Frigates Project worth Rs 14,850 crore by increasing its projects handling capacity of Rs 2,000 crores, thus ushering huge new opportunities for the local industry at Goa.

He was speaking to media during his send-off ceremony, organised by employees of GSL on his retirement after 4 years and 10 months. On the occasion of his retirement, the employees of GSL on Friday bid him farewell recalling his achievements during his tenure.  Rear Admiral Mital expressed deep satisfaction on his tenure and owed his success to the commitment of employees of GSL and support from both Central and state governments, Ministry of Defence, Indian Navy, Coast Guard and Goan population.

“GSL has delivered 26 ships, 2 damage control simulators and a NBC simulator in last 4 years, all before contractual delivery schedules. The gross tonnage delivered by the yard, has increased 3 times in 3 years to swell from 4402 T in 2014-15 to 12,000T in 2017-18,” he said.

“In today’s time when majority of the shipyards, operating in the same ecosystem, are struggling with time and cost overruns, he has instituted a culture of before time deliveries, which will reap rich dividend for a long time to come,” he added.

Advanced Missile Frigates and Mine Counter Measure Vessels was one of his major achievements as it has put GSL in the select league of shipyards, who can design and construct such complex and weapon intensive platforms, he added.

Rear Admiral Mital also told that in yet another major work undertaken during his period, was the reinforcement of Refit and General Engineering Services, which registered exceptional growth in construction of simulators, specialised boats etc.

“The department is presently in the process of expanding its product range to include hovercrafts, heli landing grids steering/ stabilising systems etc,” he said.

“The satisfying results of this strong execution driven performance soon translated into sound financials, with the revenue increasing 3 times  a remarkable surge from around Rs 553 crore prior to 2013 to Rs 1453 crore in FY18. The profits (PBT) has grown from (-) 63 crore in FY 14 to Rs 331 crore in FY 18 reflecting the tremendous growth achieved in the last few years,” he said.

Meanwhile, Cmde Nagpal, NM, IN (Retd), who is presently working at GSL in the capacity of Director (CPP and BD), will be assuming charge as chairman and Managing Director with effect on December 1.  He has huge shipbuilding experience and has all the capabilities to take the GSL to further glorious heights.

 

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