Pipavav Shipyard wins Rs 2975 crore order of Indian Navy

Pipavav Shipyard Ltd on Monday said it won an order from the Indian Navy worth Rs 2975 crore (USD 659.6 million) and swung to a consolidated net profit in full year FY11, sending its shares up as much as 3.75%.

India’s largest shipbuilder by market capitalisation said it was the first to receive the warship production license from the Indian government and has signed contracts to build five naval gunboats and offshore patrol vessels for the Indian Navy.

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