India's Cochin Shipyard is to splash its IPO cash on four new shipbuilding and repair yards.
The new plants will be established in Andaman and Nicobar, Gujarat, Kolkata and Mumbai, according to shipping minister Nitin Gadkari.
He told the PTI news agency: "We are expanding Cochin Shipyard. Ships should be built with new technologies. The process is on."
An agreement with Andaman and Nicobar has already been formalised, he added.
