New Delhi: The Centre has sanctioned Rs 2700 crore financial aid for the renovation of Kochi Shipyard and for developing infrastructure to transport Liquefied Natural Gas (LNG).

Union Shipping Minister Nitin Gadkari said the fund allotted was part of ‘Make In India’ scheme announced by Prime Minister Narendra Modi during his Independence day address.

Three ships will be constructed to transport LNG and Rs 4500 crore has been earmarked for the purpose. The Centre has also sanctioned Water bus service in Kochi-Andaman route.

Passenger Cargo arrangement will be upgraded to international standards and for this, technical help will be sought from France.

Gadkari said the Kochi shipyard, where only local ships are currently manufactured, would be added with new facilities to manufacture foreign ships. A dredger factory would also be installed in Kochi.