Mumbai: Private sector ship-builder 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 one, the company said in a statement issued here.
"The vessel will be used to provide basic training to the Naval cadets and trainees in activities such as disaster relief, search and rescue operations, the company said in a statement.
Ship-builders are shifting focus for catering to the requirement of the Navy, as the demand for commercial liners is dipping due to a supply glut.
The market lapped up the development and the ABG stocks jumped nearly 5 percent to Rs 386 on the BSE, whose Sensex was trading up 70 points at 1100 hrs. The company has a market capitalisation of Rs 1,964.74 crore as of today.
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