State-owned Mazagon Dock Shipbuilders Ltd (MDL) on Wednesday (December 20) clinched a ₹1,600-crore contract with the acquisition wing of the Ministry of Defence (MoD) for the construction and delivery of six next generation offshore patrol vessels (NGOPVs) for the Indian Coast Guard (ICG).
"This is to inform that Mazagon Dock Shipbuilders Limited (MDL) has signed a contract with the Acquisition wing of the Ministry of Defence for the Construction and Delivery of six (06) Next generation Offshore Patrol Vessels (NGOPVs) for Indian Coast Guard (ICG) on 20 Dec 2023," according to a stock exchange filing.
The contract specifies the design, construction, and delivery of the vessels, with the first vessel set to be delivered within 41 months from the date of advance payment release. Subsequent vessels will follow at intervals of five months.
MDL, operating as a government company under the administrative control of the MoD, has been entrusted with the responsibility of fulfilling this crucial order. The Indian Coast Guard, also under the MoD, stands as the ultimate beneficiary of this contract.
Shares of Mazagon Dock Shipbuilders Ltd ended at ₹2,046.25, down by ₹95.15, or 4.44%, on the BSE.
