homebusiness News

How is Mazagon Dock benefitting from the Defence Acquisition Council approvals

business | Dec 26, 2022 3:14 PM IST

How is Mazagon Dock benefitting from the Defence Acquisition Council approvals

Mini

Mazagon Dock told CNBC-TV18 that the allocation to shipbuilding from this recent push is close to Rs 3,000 crore. 

wealth-desk wealth-desk

Buy / Sell Mazagon Dock share

Recommended Articles

View All

Mazagon Dock Shipbuilders, one of India's largest shipbuilding companies has maintained its revenue growth guidance of 25 percent for the current financial year and 20 percent for the next one.
The company's Director of Finance, Sanjeev Singhal spoke to CNBC-TV18 on the latest indigenisation push by the Defence Acquisition Council.
The Defence Acquisition Council has cleared acquisition proposals worth over Rs 84,000 crore with procurement worth Rs 82,000 crore to be completed through indigenous sources. Acquisitions include light tanks, naval anti-ship missiles and offshore patrol vehicles.
Singhal told CNBC-TV18 that the allocation to shipbuilding from this recent push is close to Rs 3,000 crore.
The Director of Finance also said that high value projects like the P75 (I) submarine project are progressing simultaneously.
The P75I is a planned class of diesel-electric submarines, which are to be built for the Indian navy. The Indian Navy intends to acquire six conventional, diesel-electric attack submarines, which will also feature advance capabilities like air-independent population, ISR, special operations forces, anti-ship warfare, anti-submarine warfare, anti-surface warfare, land-attack capabilities and other features.
However, there are further delays in the bidding process and as a result, the company does not see any revenue impact for the next 2-3 years. It plans on submitting the bids by August 2023, according to Singhal.
For more details, watch the accompanying video
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng