Mumbai-based Pipavav Defence and Offshore Engineering Company (formerly Pipavav Shipyard) today said that it had been declared as the lowest bidder by the Indian Coast Guard, ministry of defence, for the construction of one training ship under ‘Buy Indian’ category on a competitive basis.
The value of the order would be approximately Rs 221 crore, and the training ship is intended to provide basic sea training to all Coast Guard personnel. The ship will have an integral helicopter and will be capable of operations in all maritime zones in India, Pipavav said in a filing to the BSE.
In October 2013, the company was declared as the lowest bidder by the Indian Coast Guard for design and construction of 14 fast-patrol vessels for approximately Rs 920 crore.
Pipavav Defence’s scrip is currently trading at Rs 45.35 on the BSE, up 0.89%, over the previous close of Rs 44.95 a share.
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