Mumbai, May, 30 (EPC News):  Pipavav Shipyard Ltd bagged a Rs29.75 billion order from the Indian Navy attaining a consolidated net profit for FY11. The company was the first to acquire the warship production license from the Indian government. Pipavav Shipyard has also inked contracts to build five naval gunboats and offshore patrol vessels for the Indian Navy.

The company further expects the government to spend $50 billion to construct naval defence vessels in the coming years. It has signed contracts worth $110 million with ONGC for 12 offshore support vessels. Pipavav, which has the largest dry dock in the country, capable of accommodating ships upto 400,000 DWT, is adding a dry dock adjacent to the existing facility on the south western coast of Gujarat, at a cost of around $230 million.

EPC News Bureau

Posted by: epcworld | Posted on:5/30/2011 at 11:24 AM