Visakhapatnam: The Hindustan Shipyard Limited (HSL) under the Ministry of Defence has bagged a major contract worth Rs 260 crore from the Indian Navy for construction of four 50-tonne bollard pull tugs.

According to HSL chairman and managing director Rear-Admiral (Retd) LV Sarat Babu, the company won the contract in competition with several PSUs and private shipyards in the country. The signing ceremony was held in New Delhi on Thursday in which the senior officials of the Defence Ministry, the CMD and senior HSL officials took part.