KOCHI: Cochin Shipyard Limited has signed a Rs 488.25 crore contract with the Ministry of Defence for repair and maintenance of equipment and systems onboard naval vessels.

In a press release, the shipbuilding and maintenance company said, “The work on the contract has already commenced during Q2FY24 based on the approval of necessity (AoN) from the Ministry of Defence, and is expected to be completed by Q1FY25.”

Cochin Shipyard deals with repair and maintenance of both commercial and defence ships. Earlier this month, the company signed a memorandum of understanding (MoU) with the Adani Group for constructing green tugs, after delivering the first of the two tugs ordered by Ocean Sparkle Limited, now owned by Adani Harbour Services Limited. This is the first tug to be built in India under the Approved Standard Tug Design Specifications (ASTDS) issued by the Ministry of Ports, Shipping, and Waterways (MoPSW) for promoting the shipbuilding industry under the Atmanirbhar Bharat initiative.

The company, in November, launched three Indian Navy vessels in the series of eight anti-submarine warfare shallow water crafts from its Kochi Yard. The first ship of the project is planned to be ready for delivery by November 2024, the company said in a press release.

The company had signed a contract with the defence ministry in April 2019 to build eight ASW SWC ships. The first three ships launched would bear the names, INS Mahe, INS Malvan, and INS Mangrol after commissioning in the Indian Navy.