Private sector shipbuilder ABG Shipyard today said it has bagged a Rs 485-crore order to build a cadet training vessel for the Navy.
The order from the 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 order, the company said in a statement issued here.
“The vessel will be used to provide basic training to Naval cadets and trainees in activities such as disaster relief, search and rescue operations,” the company said in a statement.
Shipbuilders are shifting their focus to catering to the requirements of the Navy, as the demand for commercial liners is dipping due to a supply glut.
The market lapped up the development and ABG stocks jumped nearly 5 per cent to Rs 386 on the BSE. The company has a market capitalisation of Rs 1,964.74 crore as of today.