New Delhi, Sep 18 - The Communist Party of India-Marxist (CPI-M) Friday hit out at the shipping ministry's move to offload government stake in the Cochin shipyard, and said it will raise the issue in the shipping consultative committee of parliament.

'I have conveyed my displeasure to Shipping Minister G.K. Vasan. I will also raise the issue in the shipping consultative committee of parliament,' said A. Sampath, a CPI-M parliamentarian from Kerala.

Shipping Secretary A.P.V.N. Sarma had Tuesday told reporters that the ministry had broadly agreed to the Department of Economic Affairs' (DEA) recommendation for disinvestment of government stake in public sector undertakings, including Cochin Shipyard.

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

Sampath said Cochin Shipyard, which attained the category-I miniratna status last year, had posted 70 percent growth in profits in 2008-09.

'Kerala got the shipyard after strong agitations. It is a profit making miniratna unit. The central government's decision to privatise the shipyard is condemnable. The government should reconsider its decision,' Sampath said.