KOCHI: To tap the European green coastal and short-sea shipping market, Cochin Shipyard has acquired a 23% stake in Conoship International Holding BV, a leading ship design and engineering company based in the Netherlands. According to Cochin Shipyard, the share purchase agreement was executed on Thursday. The shares have been acquired at an expense of Rs 25.10 crore.
According to CSL, the acquisition of 23% equity shares of Conoship will help the company penetrate the European coastal and short-sea shipping with advanced design solutions. Further, the CSL and Conoship will jointly explore significant opportunities for upcoming technologies, including alternative fuels in short-sea vessels, coastal shipping, inland waterways, and other related services in marine, shipping, and offshore industries.
Conoship has a diverse portfolio of ship designs, from general cargo vessels, tankers, and dredgers to ferries and offshore vessels, and provides its services to shipyards worldwide. The company had a group turnover of 4 million Euros (Rs 43.68 crore) for the year ended December 31 and a group net profit of Rs 2.40 crore. The company was incorporated on February 13, 2014