KOCHI Cochin Shipyard Limited (CSL) has emerged as the lowest bidder to supply of eight corvettes worth Rs 5,400 crore for the Indian Navy.
Larsen and Tubro, Reliance Shipyard and Garden Reach Shipbuilders and Engineers took part in the bidding. CSL quoted the lowest bid, the navy headquarters said.
Now, CSL is all set to sign an agreement with the Defence Ministry to supply the warships to the Indian Navy.
Indian Navy is presently using two Kamorta class corvettes, INS Kamorta and INS Kadmat.
Kolkata-based Garden Reach Shipbuilders and Engineers are building two more Kamorta class corvettes.
In addition to this, CSL will be building 8 ASW corvettes, which will have one anti-submarine helicopter in it.
The firs ship should be transferred to the Indian Navy in four years. The CSL shares posted 11 per cent rise in prices after this.