Calcutta: Cochin Shipyard (CSL) on Monday said it has incorporated a joint venture - Hooghly Cochin Shipyard Limited (HSSL) - with Hooghly Dock & Port Engineering Ltd for the upgradation and modernisation of shipbuilding infrastructure at two shipyard sites in Calcutta .

Last month, CSL chairman Madhu S. Nair had said the company was in an advanced stage of incorporating a joint venture company for taking over the assets of the Hooghly dock in Calcutta.

"A joint venture (JV) company has been incorporated today in the name of Hooghly Cochin Shipyard Ltd.... Cochin Shipyard Ltd and Hooghly Dock & Port Engineers Ltd will have 76 per cent and 24 per cent stakes in the company, respectively," CSL said in a filing to the BSE.

The government in March this year had approved the formation of the joint venture.

Established in 1817 on the banks of Hooghly, Hooghly Dock is one of the oldest shipyards in the country.

After suffering heavy losses, it was taken over by the Centre through an act of Parliament in 1984.

The company has two facilities in Salkia and Nazirgaunge (near Botanical Garden). The facilities can be used to build barges, small ships and hovercraft apart from repairing work.

CSL has plans to build a Rs 100-crore facility on the Hooghly in Calcutta for the construction of vessels for inland water transport.

The state-owned company saw its initial public offering (IPO) in August getting subscribed as many as 75 times.

CSL is the only shipyard in India that can build up to 1,10,000DWT (deadweight tonnes) with a track record of making tankers, bulk carriers, port crafts and passenger vessels, among others.

At present, it is into constructing platform supply vessels for exports and aircraft carrier for the Indian Navy.

It is also the only shipyard in the country which can fix vessels up to 1,25,000DWT, besides being the only yard that can repair an air defence ship.