Private sector ship-builder ABG Shipyard said yesterday it has bagged a Rs 485 crore order to build a cadet training vessel for the Indian Navy.
The order from the Indian Defence Ministry to build the 110-meter vessel capable of carrying a light helicopter and achieving a top speed of 20 knots, is a repeat one, the company said in a statement.
“The vessel will be used to provide basic training to the Naval cadets and trainees in activities such as disaster relief, search and rescue operations, ” the company explained.
Ship-builders are shifting focus for catering to the requirement of the Navy, as the demand for commercial liners is dipping due to a supply glut.
The market lapped up the development and the ABG stocks jumped nearly 5 per cent to Rs 386 on the BSE, whose Sensex was trading up 70 points at 1100 hrs. The company has a market capitalisation of Rs 1,964.74 crore.
[mappress] Press Release, December 13, 2012; Image: ABG