Mazagon Dock Shipbuilders Bags Rs 1,070-Crore Contract From Defence Ministry

Mazagon Dock Shipbuilders Ltd. has signed a contract with the Ministry of Defence, which will buy 14 Fast Patrol Vessels for the Indian Coast Guard.

The FPVs, at a contract value of Rs 1,070.47 crore, will be created indigenously and manufactured by MDL under the 'Buy (Indian-IDDM)' category, said a Press Information Bureau release.

The FPVs will be delivered to the Defence Ministry within 63 months, the release said.

The vessels will be stocked up with multipurpose drones, wirelessly controlled remote water rescue craft lifebuoy and artificial intelligence capability, which will help the ICG face new-age multidimensional challenges, the press release said.

FPVs will also help enhance fisheries protection and monitoring, control and surveillance, anti-smuggling operations, search and rescue operations—including in shallow waters and assistance to ships in distress, it said.

It will help in monitoring the marine pollution response operations and anti-piracy operations as well, the release said.

Under the 'Atmanirbhar Bharat' mission, the contract will enhance the nation's indigenous shipbuilding capability, boosting maritime economic activities along with ancillary industries, the release said.

The contract will also help to create new job opportunities and facilitate development in the country, according to the company.

Shares of Mazagon Dock Shipbuilders closed 1.57% higher at Rs 2,325.35 apiece, as compared with a 0.98% rise in the benchmark BSE Sensex.