ABG Shipyard To Build $89 Million Training Vessel For Indian Navy
12:00 AM, December 12, 2012
India’s largest private ship building company, ABG Shipyard Limited, has been awarded a repeat order from the Ministry of Defence for building an additional cadet training vessel for the Indian Navy in a contract worth about Rs. 485 crore ($89.4 million). The vessel will be approximately 110 meters in length with the capacity to carry a light helicopter. Designed to achieve a maximum speed of 20 knots, the vessel will be used to provide basic training to the Naval Cadets and trainees in activities such as disaster relief, search and rescue operations, according to a company statement. Dhanajay Datar – Whole-Time Director and Chief Financial Officer of ABG Group, said, “This repeat order reinforces the Ministry of Defence’s confidence in us. We are honoured that the government has recognised our shipbuilding skills and given us the chance to service the country once again”.
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...