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Wednesday, June 01, 2011

Pipavav Shipyard bags $660 million order from Indian Navy

ipavav ShipyardPipavav Shipyard won an order from the Indian Navy worth Rs 2,975 crore and swung to a consolidated net profit in full year FY11, sending its shares up as much as 3.75%.

India's largest shipbuilder by market capitalisation also said it was the first to receive the warship production licence from the Indian government and has signed contracts to build five naval gunboats and offshore patrol vessels for the Indian Navy.

"Increasing focus of government of India on indigenisation of defence production will propel private participation in this segment," the firm said in a presentation to investors.

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