India’s Defence Ministry Signs Contract With Cochin Shipyard Limited For Mid Life Upgrade And Re-Powering Of INS Beas

India’s Ministry of Defence signed a contract on October 16, 2023, in New Delhi for Mid Life Upgrade and Re-Powering of “INS Beas” with Kochi-based Cochin Shipyard Limited (CSL) at an overall cost of Rs. 313.42 Cr.

Indian Navy’s INS Beas is the first of Brahmaputra Class Frigate to be re-powered from Steam to Diesel Propulsion. After completion of Mid Life Upgrade and Re- Powering in 2026, INS Beas will join the active fleet of the Indian Navy with a modernized weapon suite and upgraded combat capability.

The transformative maiden re-powering project marks a significant stride in the maintenance philosophy of the Indian Navy and repair capabilities of CSL, according to a statement from the ministry.

The project would involve more than 50 Micro, Small and Medium Enterprises and would lead to generation of employment for more than 3500 personnel, the statement added.

“The project will be a proud flag bearer of Atmanirbhar Bharat in consonance with the Make-in-India initiative of the Government of India,” it said.

Cochin Shipyard is the largest shipbuilding and maintenance facility in India and part of a line of maritime- facilities in the port-city of Kochi, in the state of Kerala, India. The company has managed a revenue of ₹2330.46 Crores from operations for the last financial year. The profit before tax stood at ₹448.51 Crores, down from ₹794.39 Crores in the preceding year. The net profit for the year was ₹334.49 Crores, a decrease from ₹586.57 Crores in the previous year. Despite this, the company, according to an annual report, achieved PAT Margins of 14%, while the Earnings Per Share (EPS) stood at ₹25.43. Moreover, it has achieved an EBIDTA of ₹533.40 Crores with a fairly decent EBITDA margin of 23%.