"Of course, it was a tragedy that should not have happened. Lessons (from the mishap) would be learnt only after we have concluded the inquiry process. We are waiting for the floating of the boat," Navy chief Admiral D K Joshi told NDTV.
He said the Navy has identified five renowned salvaging firms and the force would know by Monday about the lowest bidder in the tender.
Soon after the mishap on August 14, the Navy chief had said that the Board of Inquiry into the incident would be completed within a month but the inquiry is yet to be completed.
The INS Sindhurakshak had sunk before sailing out for a secret mission in the Mumbai's Navy harbour killing all 18 persons on board.
The Navy chief was yesterday in Vishakhapatnam to induct the Hawk trainer aircraft at the naval base and also went on board INS Jalashwa on a sea sortie in the Bay of Bengal.