New Delhi, July 4: A country needs a profitable, technically improved Defense Sector for its development. Like other rapidly growing economies, India is also now aiming for an integrated development. Mazagon Dock Shipbuilders Ltd which is under the Department of Defence Production signed a deal with the Defence Ministry. The company has set the revenue target at Rs 4,500 crore.
Mazagon Dock Limited is a prime shipyard of India, was established in the 18th century. It manufactures warships and submarines for the Indian Navy and offshore platforms and associated support vessels for offshore oil drilling. It is a public sector undertaking under the Department of Defence Production.
The MoU was signed for the financial year 2017-18. The targets and various performance parameters for the company in this fiscal year have also been mentioned in the pact. The MoU also talks about the significant milestones to be achieved under Project 75 (Scorpene Submarines) and shipbuilding projects of 15B (destroyers) and 17A (frigates).
Six Scorpene-class submarines are already being built under 'Project 75' of the Indian Navy. MDL Mumbai is building the submarines, designed by French naval defense and energy company DCNS.
Secretary of Defence Production, AK Gupta and Chairman and Managing Director of MDL Rakesh Anand have signed the MoU.