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Mumbai-based Mazagon Dock Shipbuilders Limited (MDL) a defence PSU, primarily engaged in the construction of warships and submarines for the Indian Navy on Friday (Dec 15, 2023) signed a shipbuilding contract for the construction and delivery of three 7500 DWT Multi-Purpose Vessels for a European Client.
According to sources, the agreement is valued at more than USD 40m and within three years these vessels will be delivered to the European nation Denmark.
The company in October this year had signed a Letter of Intent (LoI) with its European client which outlined plans for the construction of six firm units and four optional units of 7,500 DWT multi-purpose hybrid power vessels.
MDL is actively exploring export opportunities in defence or commercial shipbuilding, and the recent agreement is expected to open up more prospects for the company. Industry
The government-owned shipbuilder has revised its revenue growth projection for the fiscal year 2024, now anticipating growth of 12-15 per cent, compared to the earlier guidance of 10-12 per cent. As of June 30, 2023, the company’s existing order book is at Rs 39,000 crore, expected to sustain for the next 4-5 years. Over the past five years, the order book has seen a decline from over Rs 55,000 crore in the financial year 2019 to the current Rs 39,000 crore.
Recently, MDL entered into a Master Ship Repair Agreement (MSRA) with the US Government through NAVSUP Fleet Logistics
The current operational capacity of the shipyard is at 10 submarines and 11 warships simultaneously, aligning with the requirements of the Indian Navy. Anticipating opportunities, MDL envisions potential revenue of Rs 2.5 lakh crore from the next generation of vessels, including destroyers, submarines, corvettes, patrol vessels, and smaller craft.
The company’s primary focus is on constructing and repairing ships, submarines, various types of vessels, and related engineering products for its customers.
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