GSL bids adieu to former CMD RAdm Shekhar Mital

By on January 01, 2019
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GSL bids adieu to former CMD RAdm Shekhar Mital

RAdm Shekhar Mital, NM, IN (Retd), received an emotional farewell from Goa Shipyard Limited (GSL) after retiring from his role as chairman and managing directorafter four years and 10 months.

RAdm  Mital used innovative solutions to turn  a loss making organisation around within just a year.

There has been no looking back since, as GSL has delivered 26 ships, two damage control simulators and an NBC simulator, all before deadline.

The gross tonnage delivered by the yard has increased thrice in 3 years from 4402 tons in 2014-15 to 12,000 tons in 2017-18.

In a time when shipyards are struggling with time and cost overruns, RAdm Mital has instituted a culture of early deliveries, which will reap rich dividends for a long time to come.

The reduction in build period of offshore patrol vessels (OPV) from 67 months to 36 months has led to significant financial gains for the company.

Under his dynamic leadership and outreach, the shipyard emerged as the largest exporter of defence ships from India  for  three consecutive years, delivering two OPVs to Sri Lanka, two floating production vessels and 11  Fast Interceptor Boats (FIBs) to Mauritius and a damage control simulator to Myanmar.

Securing major import substitute projects such as advanced missile frigates and mine counter measure vessels was one of his major achievements as it has put GSL in a select league of shipyards that can design and construct  complex  weapon intensive platforms. The shipyard, which has been handling projects up to Rs 2,000 crore, is now working on a missile frigates project worth Rs 14,850 crore. This will usher huge new opportunities for the local industry in Goa. RAdm Mital also oversaw the reinforcement of refit and general engineering services, which saw exceptional growth in the construction of simulators, specialised boats and other products. The department is currently expanding its product range to include hovercrafts, heli landing grids steering/stabilising systems, etc.

The  results of this strong execution-driven performance soon translated into sound financials, with the revenue increasing three times – a remarkable surge from around Rs 553 crore before to 2013 to Rs 1,453 crore this year. Profits (PBT) have grown from (-) 63 Crore in FY 14 to Rs 331 crore in FY 18 reflecting the tremendous growth and profits achieved in the last few years.

Admiral Mital expressed deep satisfaction on his tenure and owed his success to the commitment of the employees and support from central and state governments, Ministry of Defence, Indian Navy, Coast Guard and the local Goan population.  


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