GSL elevated to highest tier of govt-owned companies

Panaji: Signalling the strategic importance of Goa Shipyard Ltd (GSL), Centre announced that the Vasco-based shipyard was upgraded from the ‘Schedule B’ to the ‘Schedule A’ category of central public sector enterprises (CPSEs).The upgrade was accorded by the Union ministry of finance.“This significant milestone reflects GSL’s robust financial performance, operational excellence, sustained growth trajectory, and its vital contribution towards strengthening national security and maritime capability development. The upgrade reaffirms govt’s confidence in GSL’s performance and recognises its strategic importance within the defence shipbuilding ecosystem of the country,” said GSL’s chairperson and managing director, Brajesh Kumar Upadhyay.

With the reclassification, GSL now joins Mazagon Dock Shipbuilders Ltd, Hindustan Aeronautics Ltd, Cochin Ship Yard Ltd, ONGC, Central Warehousing Corporation, Indian Oil, and over 70 other Schedule A public sector companies.During the financial year 2024-25, GSL achieved its highest-ever value of production of around Rs 2,801 crore, a 71% growth over the previous year. It was also profitable for Centre, with profit after tax standing at Rs 288 crore.

GSL had a net worth of around Rs 1,620 crore in 2024-25, with ship orders standing at well over Rs 16,193 crore.“The autonomy of the board will increase, with the powers of the directors also being enhanced by this reclassification. This is another step towards Navratna status,” said a GSL official.The elevation underscores GSL’s role in shipbuilding and maritime growth. GSL is constructing two guided missile frigates for the Indian Navy, two pollution control vessels for the Indian Coast Guard, eight fast patrol vessels for the Indian Coast Guard, and the next generation offshore patrol vessels for the Indian Navy.The origins of GSL date back to Nov 26, 1957, when the shipyard was established by the Portuguese administration as Estaleiros Navais De Goa Limitada. It originally built small barges for iron ore transportation.