Mazagon Dock Gains 3.2% After Securing Rs 310 Crore Training Ship Deal for Indian Coast Guard

18 Oct 2023 , 12:13 PM

Mazagon Dock’s shares rose by 3.2% following the signing of a Rs 310 crore deal with the defense ministry to construct a training ship for the Indian Coast Guard (ICG). At around 11:05 am, shares of Mazagon Dock Shipbuilders were trading at Rs 2,173.9, marking a 0.93% increase on the NSE.

This training ship stands as the first specialized platform with built-in helicopter capabilities, aimed at providing fundamental sea training to around 70 Coast Guard officers and other international trainees. The objective is to prepare these individuals for various maritime aspects in Coast Guard operations.

The training ship will incorporate advanced surveillance and monitoring systems, offering valuable insights and expertise to ICG cadets regarding sea challenges while ensuring coastline and offshore asset security.

The defense ministry highlighted that a significant portion of the equipment and systems for this project will be sourced from indigenous manufacturers, including MSMEs, aiming to generate substantial employment over a three-year period.

By fulfilling the goals of ‘Aatmanirbhar Bharat’ (Self-Reliant India), this contract will enhance indigenous shipbuilding capabilities and contribute to strengthening maritime economic potential, as emphasized in the official release.

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