Cochin Shipyard to invest Rs 50cr in maritime start-ups

Cochin Shipyard, an Indian government-owned shipbuilding and maintenance company, will invest an initial corpus of INR 50 crores in start-ups engaged in the maritime sector.

An announcement in this regard was made by the Indian Minister for Ports, Shipping & Waterways Sarbananda Sonowal during the inauguration of the Golden Jubilee celebrations of Cochin Shipyard. The Minister unveiled the start-up engagement framework on the occasion.

Sarbananda Sonowal said: “The Govt. of India is keenly focused on the development of the Start-Up eco system in the country. Many major initiatives, like “Start-Up India” etc. have facilitated the growth of numerous start-ups in the country.

“With a view towards development of startups in the maritime domain, the Ministry of PSW is working on a Start-up Engagement Framework, which will be promulgated shortly.

“I am therefore extremely pleased to announce the promulgation of the Start-Up Engagement Framework of Cochin Shipyard today, with an initial corpus of Rs.50 crores.”

According to Cochin Shipyard, the start-up framework is envisioned to supplement the Indian government’s initiatives to build an ecosystem in the country to support maritime start-ups from technical, financial, regulatory, and marketing point of view by bringing together stakeholders.

Cochin Shipyard said that the framework will give a platform for the young and talented entrepreneurs to build the products/services in the marine space with financial support provided by it.