Mazagon Dock Shipbuilders Ltd. announced the signing of a Master Ship Repair Agreement or MSRA with the government of the U.S. Since this news came out, the shares of the shipbuilding company have been in focus.
It is a non-financial agreement that only two shipyards in India have signed with the U.S., namely Mazagon Dock and Larsen & Toubro (L&T).
The agreement highlights India’s maritime capabilities to serve as a viable destination for repairing and maintaining U.S. Navy ships.
Larsen & Toubro had signed the MSRA with the US Navy in July. It was decided that its Kattupalli Shipyard, close to Chennai, would undertake repairs of Military Sealift Command Vessels.
In a recent conference, Mazagon Dock mentioned that it would deliver the 3rd ship of Project 15 Bravo, a missile destroyer, by the end of the second or beginning of the third quarter. It delivered two ships, one in 2021 and one in 2022 and received another submarine order.
Shedding light on the order, the management said it is a German-made sub that entered service 36 years ago and came to Mazagon Dock for a medium refit and life certification. The total order value is 2700 crore.
References: cnbctv, businesstoday
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