Pipavav Defence and Offshore Engineering Company Ltd has emerged as the lowest bidder for building 14 Fast Patrol Vehicles (FPVs) for the Indian Coast Guard. The order value would be about Rs 920 crore.
In a filing with the stock exchanges, Pipavav Defence said that it was declared the lowest bidder by the Indian Coast Guard for design and construction of 14 FPVs under the competitive bidding process.
FPVs are primarily used for patrol within Exclusive Economic Zone (EEZ), coastal patrol, anti-smuggling, antipiracy and search & rescue operations.
The company is already executing a contract for delivery of five Naval vessels valued at about Rs 2,975 crore.
Shares of Pipavav Defence were trading at Rs 52.25, up 80 paise, on the BSE.