You are here: Home » Companies » News
Business Standard

Cochin Shipyard bags Rs 10,000-crore Navy order for six missile vessels

The yard has delivered two of India's largest double hull Aframax tankers each of 95,000 DWT

Topics
Cochin Shipyard | defence sector

Press Trust of India 

Cochin Shipyard
The estimated order value is around Rs 10,000 crore

on Tuesday said it has emerged as the lowest bidder for a Rs 10,000-crore contract by the Indian Navy, to build Next Generation Missile Vessels.

The state-owned company has emerged as a forerunner in the Indian shipbuilding and ship repair industry that can build and repair the largest vessels in India.

"At the meeting held today (February 23) at the Ministry of Defence, New Delhi, Ltd (CSL) has been declared as L1 (the lowest bidder) in the tender floated by the for construction of six... Next Generation Missile Vessels (NGMV)," CSL said in a regulatory filing to the BSE.

The estimated order value is around Rs 10,000 crore, the company said.

chart

Incorporated in 1972, CSL can build ships up to 1,10,000 dead weight tonnage (DWT) and repair ships up to 1,25,000 DWT.

It said the final announcement of the contract will be subject to the satisfactory completion of necessary formalities in this regard, which will be updated in due course.

The yard has delivered two of India's largest double hull Aframax tankers each of 95,000 DWT.

CSL has secured shipbuilding orders from internationally renowned from Europe and Middle East and is nominated to build the country's first indigenous air defence ship.

Shares surge 11% Shares of the firm surged 11 per cent to Rs 393.70 on the BSE in intra-day trade after it received an order from the Navy. The stock was trading close to its 52-week high of Rs 396, touched on January 11. Meanwhile, the firm has fixed Wednesday as the record date for the payment of a second interim dividend of Rs 4 per equity share of Rs 10.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, February 23 2021. 23:26 IST
RECOMMENDED FOR YOU
.