The defence ministry has signed contracts worth Rs 53,866 crore with two state-run shipbuilders to procure eight warships for the Indian Navy.
The agreements with Garden Reach Shipbuilders and Engineers Limited and Goa Shipyard Limited cover eight Next Generation Corvettes. GRSE will construct five and GSL the remaining three.
The ministry said the project is a milestone for indigenous warship design and construction, being the first in which the ships will be designed by the Indian Navy and built by defence public sector undertakings selected through a competitive process.
(With inputs from PTI and media reports)