 "Pipavav emerges lowest bidder for Rs 920cr Coast Guard project")
Pipavav Defence and Offshore Engineering Company (formerly Pipavav Shipyard) today said it has emerged as the lowest bidder for an order worth Rs 920 crore from Indian Coast Guard.
"Pipavav has been declared lowest bidder by the Indian Coast Guard, Ministry of Defence, for design and construction of 14 Fast Patrol Vessels (FPVs) under the competitive bidding process. Value of the order would be approximately Rs 920 crore," the company said in a filing to the BSE.
It added that the contract follows another prestigious order for five Naval vessels amounting to around Rs 2,975 crore received from Defence Ministry which is "under execution".
Fast Patrol Vessels are medium range surface platforms with water jets and primarily utilised for patrol within exclusive economic zone, coastal patrol, anti-smuggling, anti-piracy and search and rescue operations.
Following the announcement, shares of the company closed today at Rs 51.50 a piece on the BSE, up 0.10% from the previous close.
"Pipavav has been declared lowest bidder by the Indian Coast Guard, Ministry of Defence, for design and construction of 14 Fast Patrol Vessels (FPVs) under the competitive bidding process. Value of the order would be approximately Rs 920 crore," the company said in a filing to the BSE.
It added that the contract follows another prestigious order for five Naval vessels amounting to around Rs 2,975 crore received from Defence Ministry which is "under execution".
Fast Patrol Vessels are medium range surface platforms with water jets and primarily utilised for patrol within exclusive economic zone, coastal patrol, anti-smuggling, anti-piracy and search and rescue operations.
Following the announcement, shares of the company closed today at Rs 51.50 a piece on the BSE, up 0.10% from the previous close.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%