HSL clocks Rs 667-cr turnover, set to get big orders

Visakhapatnam: The new financial year is expected to usher in good days for Hindustan Shipyard Limited (HSL) with the prospects of getting contract for refit of an EKM submarine and construction of five Fleet Support Ships estimated at somewhere between Rs 20,000 crore to Rs 22,000 crore for the Indian Navy in collaboration with a Turkish shipyard.

HSL, which is under the administrative control of the Ministry of Defence, has recorded the highest-ever turnover of Rs.667 crore (provisional) in FY 2021-22, a growth of 40 per cent in comparison with the previous year, HSL Chairman and Managing Director Commodore (retired) Hemant Khatri, said in a tweet.

He said, "The company is expected to further improve its turnover in FY 2022-23 with Fleet Support Ships construction contract and EKM Submarine refit contract, likely to be concluded in 2022."

After the in-principle agreement it signed with Hyundai Heavy Industries of South Korea for construction of five Fleet Support Ships as a collaboration partner ran into rough weather, HSL came to an understanding with Anadolu Shipyard of Turkey for technology transfer and construction of the ships under Atmanirbar Bharat.

Earlier, the Hyundai Heavy Industries management insisted that the ships should be built in Korea and insisted on putting certain conditions for transfer of knowhow.

HSL, which has a long history in submarine repairs over the years gained expertise in medium refit and retrofitting of submarines, a complex process which is almost regarded as construction of a new submarine.

The company, which set up Submarine Retrofit Division in 1997, won appreciation from many for medium repairs of Vela class submarines and INS Sindhuvir and INS Sindhukirti. The bagging of the order for refit of EKM class submarine will be yet another feather on the cap of the shipyard.