Indian Navy is likely to award contracts to small and private shipyards to build vessels for defense forces.
The Navy is working with the shipping ministry on a memorandum of understanding (MoU) between the Navy and Cochin Shipyard Ltd (CSL). CSL will be supervising the work of small shipyards, The Times Of India reported today.
Recently shipping minister Nitin Gadkari and defence minister Manohar Parrikar discussed the matter. Presently, CSL is building India's first indigenous aircraft carrier INS Vikrant weighing 40,000 tonnes.
Outfitting was underway and it would be ready in the next few years, an official said. “Indian shipyards don't need any foreign technology to build ships. They are capable of doing so," said the official.
The move to give works to Indian shipyards is seen as creating work opportunities for small shipyards, which are going through a bad patch.
"Shipyards across the world are having tough times. Getting work will save jobs of many in this industry and our existing infrastructure can be utilized under the Make in India scheme, rather than giving these tasks to foreign shipyards," a senior executive of a major shipyard said.
Indias ABG shipyard is likely to sell a stake to a Russian firm to inject finances into the loss-making firm. The Mumbai based naval shipbuilder has confirmed that it engaged with a Russian firm to sell a stake to improve the companys financial strength but it did not reveal which Russian firm as discussion is going on,
India's Cochin Shipyard (CSL) is eyeing to file documents for its initial public offering (IPO) of Rs 600 crores (US$89.6 million) with the Securities and Exchange Board of India (SEBI) by the end of this month
Indias Goa Shipyard has launched the first Fast Patrol Vessel meant for Mauritian coast guard. Goan Chief Minister Laxmikant Parsekar launched the first of the 11 FPVs in a ceremony, the
The Indian Ministry of Defense (MoD) appointed committee has shortlisted five shipyards out of seven to compete for the INR 64,000-crore (US $10 billion) project to build six advanced submarines for the navy. Mazagon Dock, Cochin Shipyard, Garden Reach Shipbuilders and Engineers, Hindustan Shipyard and Goa Shipyard - and two in the private sector - Larsen and Toubro and Pipavav have been selected for the submarine project P-75i
Ukraine has agreed to provide engines to be fitted in the improved Krivak class frigates, India is purchasing from Russia. India's Defense Minister Manohar Parrikar said that a consensus had been reached with Ukraine for power plants to be fitted in the Russian made frigates
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