Mazagon Dock Shipbuilders Limited (MDL) elevated to ‘Navratna’ status

New Delhi: The government has elevated Mazagon Dock Shipbuilders Limited (MDL), a Public Sector Undertaking (PSU) that builds warships and submarines, to the Navaratna category, making it India’s 21st Navratna PSU. “Ministry of Finance, Govt. of India, has elevated Mazagon Dock Shipbuilders Limited (MDL), India’s premier Warship and Submarine builders, to NAVRATNA category on 25 June, 2024. MDL is now the 21st Navratna CPSE in the country, the 3rd in Defence PSUs and the first Shipyard to achieve this status,” said an official statement on Wednesday.

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For FY2023-24, the PSU posted a consolidated annual turnover of Rs 9,467 crore and a net profit of Rs 1,845 crore. MDL had earned the status of Miniratna in 2006. “Now, being elevated to Navratna status, it signifies MDL’s consistent performance in the recent past and further, MDL is committed to playing a more significant role in the country’s defence landscape and contribute significantly to the growth and development of the sector, in the years to come,” said the statement.

Navratna status testament to MDL’s rich heritage: CMD

“The elevation to Navratna status is a testament to MDL’s rich heritage and unwavering commitment to excellence,” said Sanjeev Singhal, the Chairman and Managing Director (CMD) of MDL. MDL has achieved this feat owing to its strong legacy of technical proficiency in warship and submarine building and a workforce with professional acumen, innovative spirit and unmatched performance that has elevated the growth of the company to new heights, said the statement.

“We are deeply thankful to all our stakeholders for reposing their trust with MDL, and the entire workforce — past & present — whose dedication has been pivotal towards the company’s success. We extend our heartfelt gratitude to the Ministry of Defence/ Department of Defence Production, Dept of Public Enterprises, DIPAM and our esteemed customers the Indian Navy, under whose guidance and support, MDL has been able to achieve this milestone,” the CMD added.

The news comes as MDL is reportedly in advanced discussions with the Ministry of Defence to construct three additional Kalvari-class submarines for the Navy, valued at Rs 35,000 crore. MDL holds 47.21 percent of equity share capital of Goa Shipyard Limited, a PSU under the Ministry of Defence.

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