Mazagon Dock Shipbuilders, a public sector undertaking (PSU), has bagged a ₹1,990 crore contract from the Ministry of Defence to construct and integrate an air-independent propulsion (AIP) plug for submarines.
The order is part of two agreements signed on December 30, 2024, in New Delhi, totalling ₹2,867 crore. These include the construction of the AIP plug for the DRDO-developed system and the integration of the Electronic Heavy Weight Torpedo (EHWT) onto Kalvari-class submarines.
The AIP plug project is a key milestone in bolstering the endurance of conventional submarines, enabling them to remain submerged for longer durations without surfacing. The Defence Research and Development Organisation (DRDO) has developed the AIP technology indigenously, underscoring India’s push towards self-reliance in defence under the ‘Aatmanirbhar Bharat’ initiative.
In a release, the Ministry of Defence stated, “The project for constructing the AIP plug and its integration will improve the endurance of conventional submarines and make a significant contribution to the ‘Aatmanirbhar Bharat’ initiative. It will also generate approximately three lakh man-days of employment.”
The second contract focuses on integrating the Electronic Heavy Weight Torpedo (EHWT) into Kalvari-class submarines, a collaboration between the Indian Navy, DRDO, and France’s Naval Group. This integration will significantly enhance the firepower capabilities of the Indian Navy’s submarine fleet.
The contracts were signed by Defence Secretary Rajesh Kumar Singh, reflecting the government’s commitment to advancing India’s defence capabilities.
On December 31, 2024, Mazagon Dock Shipbuilders share price plunged 1.50%, reaching an intra-day low of ₹2,232.30 at 9:54 AM (IST). According to BSE data, the stock recorded a total traded volume of 0.79 lakh shares, resulting in a turnover of ₹18.29 crore.
As of September 30, 2024, promoters held an 84.83% stake in Mazagon Dock Shipbuilders shares, while Foreign Institutional Investors (FIIs) owned 1.45%, and Domestic Institutional Investors (DIIs) held 1%.
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Published on: Dec 31, 2024, 10:37 AM IST
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