Hindustan Shipyard Limited (HSL) Chairman and Managing Director Rear Admiral L.V. Sarat Babu on Sunday predicted a promising future for the premier shipbuilding yard.

Speaking at the celebration of 79th Foundation Day of the HSL here, he said with the all-out support of the workforce and the stakeholders, the position of the yard was improving.

Since January, 2016, HSL has undergone a major turnaround and posted operating and net profits for the last four consecutive years after a gap of 65 years. Significantly, the HSL implemented revised pay and wage revision to all its employees in March.

The Foundation Day celebration remained low-key due to COVID-19 pandemic. Earlier, the CMD along with all the directors, senior officers and representatives of recognised union paid rich tributes to the founder of HSL Seth Walchand Hirachand. He said Seth Walchand was a great visionary and a pioneer of shipbuilding in India.

The shipyard was established by him in the city due to its strategic location. After his decision to lay the foundation stone for the shipyard by an Indian leader in the thick of the freedom struggle, the ceremony was performed on June 21, 1941, by Rajendra Prasad. Independent India’s first ship ‘Jala Usha’ was launched soon after Independence at the shipyard.

The CMD conveyed his felicitations to all serving and retired employees on this occasion. He highlighted the fact that shipyard had transformed itself and achieved remarkable growth in all the spheres by receiving several awards.