New Delhi, Sep 15 - The shipping ministry has approved the Department of Economic Affairs' proposal to divest government state in Cochin shipyard, Shipping Secretary A.P.V.N. Sarma said here Tuesday.

'We have broadly agreed to the Department of Economic Affairs' recommendation for disinvestment in PSUs (public sector undertakings). This includes Cochin Shipyard,' he said at a conference on ports and shipping, organised by the Associated Chambers of Commerce and Industry (Assocham).

Sarma, however, did not give any timeline for the divestment.

DEA has recommended 10 percent divestment in Cochin Shipyard, the largest shipping and ship repair yard in the country.

Cochin Shipyard last year attained the category-I miniratna status. The company posted 70 percent growth in profits in 2008-09.