11-10-2017

Cochin Shipyard set to win Rs. 5,400-cr Navy order

 

State-owned Cochin Shipyard Ltd is set to win a Rs. 5,400-crore order from the Indian Navy to build eight anti-submarine shallow water craft ships, a contract that will further boost its stature as a naval shipbuilder.

This is the yard’s first order win after it went public in August this year, making it the first state-owned ship-builder to be listed on the bourses.

Cochin Shipyard emerged the lowest bidder for the eight-ship order when price bids were opened last week, the company said in a filing to the Bombay Stock Exchange.

The contract for the eight vessels is expected to be concluded with the Ministry of Defence after due process, it said.

Apart from Cochin Shipyard, others who had applied on the tender include Larsen & Toubro Ltd, Reliance Naval and Engineering Ltd, Garden Reach Shipbuilders and Engineers Ltd, Goa Shipyard Ltd and Hindustan Shipyard Ltd.

Cochin Shipyard is building India’s first indigeously made aircraft carrier.

Source: The Hindu Business Line

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