Pipavav Defence and Engineering Company (Pipavav) today said it has entered into a partnership with French Naval defence company DCNS to build strategic assets, including modern warships for the Indian Navy and the Coast Guard.
"DCNS and Pipavav have decided to establish a strategic partnership...The focus of the teaming is to build the highest state-of-the-art strategic assets including modern warships for the Indian Navy and the Coast Guard," Pipavav said in a statement.
The partnership is expected to boost India's drive for self-reliance in the field of defence manufacturing and to create a large number of local jobs.
Commenting on the pact, DCNS Chairman and CEO Patrick Boissier said, "Through the P75 Scorpene submarines, the ongoing indigenisation programme and DCNS India, we are working to enlarge our footprint in India. This strategic partnership will Pipavav again demonstrates DCNS's confidence in growting capabilities and long term development of Indian Defence Industries."
Pipapav Chairman Nikhil Gandhi said DCNS and Pipavav are to provide India with advanced expertise on naval ships.
"The synergies between India's largest integrated shipyard and the proficiency of the largest European naval defence company will allo cost effective and timely manufacturing of high class vessels for the benefit of all consumers," he added.
Pipavav is involved in the business of naval shipbuilding, repair and has the capability to build assets required by the Navy and the Coast Guard.
It was recently chosen by the Defence PSU Mazagon Dock to form a joint venture to build warships for the Indian Navy.
Pipavav shares closed at Rs 80.10 apiece on BSE, down 0.87% from their previous close.