Pipavav bags 920crore Coast Guard order
After being declared lowest bidder last week, private shipbuilder Pipavav Defence and Offshore Engineering Co. Ltd is poised to win a ` 920-crore deal to supply design and build 14 new generation fast patrol vessels (FPVs) for the Indian Coast Guard.
The company had won a contract worth nearly ` 3,000 crore in 2011 to build new-generation offshore patrol vessels for the Indian Navy. The fresh win bolsters its position in the Indian market and positions the company as a formidable challenger to state-owned yards like Goa Shipyard Ltd and GRSE. In July this year, after almost two years in limbo, a joint venture between Pipavav and state-owned Mazagon Dock Ltd was cleared by the Ministry of Defence.