 "Pipavav Defence")
Pipavav Defence and Offshore Engineering Company (formerly Pipavav Shipyard) today said it has emerged as the lowest bidder for an order worth Rs 920 crore from Indian Coast Guard.
"Pipavav has been declared lowest bidder by the Indian Coast Guard, Ministry of Defence, for design and construction of 14 Fast Patrol Vessels (FPVs) under the competitive bidding process. Value of the order would be approximately Rs 920 crore," the company said in a filing to the BSE.
It added that the contract follows another prestigious order for five Naval vessels amounting to around Rs 2,975 crore received from Defence Ministry which is "under execution".
Fast Patrol Vessels are medium range surface platforms with water jets and primarily utilised for patrol within exclusive economic zone, coastal patrol, anti-smuggling, anti-piracy and search and rescue operations.
Following the announcement, shares of the company closed today at Rs 51.50 a piece on the BSE, up 0.10% from the previous close.
