Cochin Shipyard Limited (CSL) intends to achieve 6x to 8x growth by 2030 as part of its long-term plan, CRUISE 2030, and has selected deep sea fishing vessel construction as one of the potential opportunities. CSL was looking for a suitable facility to enter the fishing vessel segment since it requires a dedicated facility to cater to the enormous volume of business that is distinct from the traditional shipbuilding process. Tebma Shipyards Limited (TSL) was subject to the Insolvency and Bankruptcy Code, 2016 (IBC Corporate)’s Insolvency Resolution Process (CIRP), and CSL judged that bidding for TSL under the IBC was appropriate. CSL then submitted a Resolution Plan, which the National Company Law Tribunal (NCLT) in Chennai accepted on March 4, 2020. The facility is now a CSL subsidiary that is 100 percent owned by CSL.
