NEW DELHI : The Finance Ministry is likely to offload a stake of up to 3 percent in Cochin Shipyard this fiscal year, likely in the October-December quarter, said a government official, adding that the divestment would be through the Offer for Sale (OFS) route.

“Government is planning an OFS for Cochin Shipyard. Though the exact rollout timeline has not been decided, it is likely to be in Q3. DIPAM (the Department of Investment and Public Asset Management) is looking to offload 2-3 percent this year in the PSU,” the official told.

The Government aims to get Rs 500-600 crore from the OFS in the PSU, he added. As of June 2023, the government held a 72.86 percent stake in the company.

Cochin Shipyard is one of the leading shipbuilding and repair yards in the country. India’s first indigenous aircraft carrier INS Vikrant was constructed by CSL and was delivered last financial year.The state-owned shipbuilder was recently upgraded as a ‘Schedule A’ Central Public Sector Enterprise (CPSE), from ‘Schedule B’, allowing it to effectively manage its seven units. The upgrade was notified by the Ministry of ports, shipping and waterways.