The Ministry of Defence has signed contracts valued at Rs 53,866.50 crore with Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) to procure eight Next Generation Corvettes for the Indian Navy. Under the agreement, GRSE will build five warships, while GSL will manufacture the remaining three.
According to the ministry, this marks the first project in which warships designed indigenously by the Indian Navy are constructed by Defence Public Sector Undertakings selected through a competitive bidding process. The corvettes will be equipped with advanced missile, weapon, and sensor systems to support anti-surface, anti-submarine, coastal defence, and surveillance operations.
The ministry added that the construction work is expected to generate approximately 72 lakh person-days of employment in shipyards and 460 lakh person-days across ancillary industries and MSMEs over the next ten years.
What it means
- GRSE will construct five Next Generation Corvettes, while GSL will build the remaining three vessels.
Source
Press Information Bureau, Government of India, “Aatmanirbhar Bharat: MoD inks Rs 53,866.50 crore contracts with GRSE & GSL for 8 Next Generation Corvettes for Indian Navy”. Read the original release.
Summary of an official release for general information only. Not investment advice. Read the original source before acting on any information.
Official RBI, SEBI, Government and Defence updates as they happen.
Leave a Reply