Shares of Mazagon Dock Shipbuilders Ltd surged 5% on Tuesday, 31 December, after the company announced securing a contract worth Rs 1,990 crore ($233 million) from the Ministry of Defence (MOD).
The company has secured a contract from the Ministry of Defence for construction and instruction of an air-independent propulsion (AIP) plug.
Designed by DRDO, this technology boosts the underwater endurance of Indian submarines, especially the Kalvari-class, enhancing their stealth capabilities and operational efficiency. The incorporation of AIP systems strengthens India’s defence self-reliance, aligning with the ‘Aatmanirbhar Bharat’ mission.
The company is advancing two major capital expansion projects to boost its operational capacity. The company has secured 15 acres of land to establish a shipbuilding and repair facility with a graving dry dock.
Furthermore, it aims to develop a 40-acre site near Nhava Sheva to construct large vessels, incorporating an expanded dry dock. These initiatives are set to double the existing capacity of 21 platforms, significantly enhancing production capabilities and operational efficiency.
Mazagon Dock Shipbuilders Limited is positioned for substantial growth with a strong order pipeline. Prominent opportunities include next-generation Corvettes and Destroyers, a potential Rs 27,000 crore order for Scorpène submarines, and a partnership with TKMS for Project 75I submarines.
The company is currently working on 31 ship orders, including projects for the Indian Coast Guard and international exports, highlighting its expertise in maritime engineering.
Founded in 1774 and based in Mumbai, Mazagon Dock Shipbuilders is one of the leading shipbuilding firms in India. Since 1960, the company has launched 801 vessels, including battleships, submarines, cargo and passenger ships, and various offshore platforms.
MDL focuses on the defence sector and has constructed 802 boats to date. This includes twenty-eight vessels, including advanced destroyers and missile boats, and seven submarines. The company’s portfolio also includes naval platforms like frigates, destroyers, and missile boats, in addition to merchant ships and oil industry equipment, including offshore platforms and jack-up rigs.
However, at 12:09 pm, the shares of Mazagon Dock were trading 2.45% lower at Rs 2,213.45 on NSE.
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