Defence Ministry signs ₹53,866 crore deals for eight Navy corvettes

The Defence Ministry has signed contracts worth ₹53,866 crore with two state-run shipyards to build eight Next Generation Corvettes for the Indian Navy. Garden Reach Shipbuilders & Engineers will construct five ships and Goa Shipyard the remaining three. The ministry said it is the first project where warships designed by the Navy will be built by defence PSUs chosen through competitive bidding.