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Pipavav Shipyard has secured a contract from the Indian Ministry of Defence (MoD) to build five offshore patrol vessels (OPVs) for the Indian Navy.
The company announced the contract, valued at INR29.75 billion (USD660 million), to the Bombay Stock Exchange (BSE) on 30 May. The agreement is thought to be the first major naval shipbuilding deal in India in which a company from the private sector has been named as prime contractor.
India's naval shipbuilding sector has traditionally been dominated by Mazagon Docks, Goa Shipyard, Garden Reach Shipbuilders and Engineers and Hindustan Shipyard.
Pipavav announced the order on the same day that it said its net earnings had reached INR437 million, compared to a loss of INR460 million during the previous year. Turnover, it said, increased 33 per cent to INR9.2 billion. Its order book up until 31 March 2011 was USD1.5 billion, although Pipavav said it expects this to grow following its award to build the OPVs.
http://www..com/products//defence-security-report.aspx?ID=1065929726
It is just a start for INDIAN pvt sector. Much more to come.
The company announced the contract, valued at INR29.75 billion (USD660 million), to the Bombay Stock Exchange (BSE) on 30 May. The agreement is thought to be the first major naval shipbuilding deal in India in which a company from the private sector has been named as prime contractor.
India's naval shipbuilding sector has traditionally been dominated by Mazagon Docks, Goa Shipyard, Garden Reach Shipbuilders and Engineers and Hindustan Shipyard.
Pipavav announced the order on the same day that it said its net earnings had reached INR437 million, compared to a loss of INR460 million during the previous year. Turnover, it said, increased 33 per cent to INR9.2 billion. Its order book up until 31 March 2011 was USD1.5 billion, although Pipavav said it expects this to grow following its award to build the OPVs.
http://www..com/products//defence-security-report.aspx?ID=1065929726
NAVY Rocks
It is just a start for INDIAN pvt sector. Much more to come.
