New Delhi: Cochin Shipyard Limited (CSL) has received communication from the Ministry of Defence announcing that the company has been declared as L1 (lowest bidder) by the Indian Navy for the MR/Mid Life Upgrade of an Indian Naval Ship. The final contract is expected to be executed in due course, with an estimated value of approximately Rs. 300 crore and a projected duration of around 24 months.
The announcement clarifies that none of the promoter, promoter group, or group companies have any interest in the entity that awarded the order. Additionally, the order does not fall under the purview of related party transactions, ensuring transparency and adherence to relevant regulations.
The contract for the MR/Mid Life Upgrade project with the Indian Navy not only enhances CSL's portfolio but also demonstrates its technical expertise and capabilities in meeting the stringent requirements of naval projects. The MR/Mid Life Upgrade project involves essential modifications and improvements to extend the operational lifespan and enhance the capabilities of the Indian Naval Ship. As CSL undertakes this prestigious project, it will play a crucial role in supporting the Indian Navy's modernisation efforts and strengthening the nation's maritime defense capabilities.