The defence ministry on Monday said it has sealed contracts worth Rs 53,866 crore with two state-run shipbuilders to procure eight warships for the Indian Navy.
The contracts were signed with Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) for acquisition of eight Next Generation Corvettes (NGCs), the ministry said.
"Under the contracts, GRSE will construct five corvettes, while GSL will construct the remaining three," it said.
"The project marks a significant milestone in India's indigenous warship design and construction capabilities, as it is the first project in which the ships will be indigenously designed by the Indian Navy and constructed by Defence Public Sector Undertakings (DPSUs) selected through a competitive process," the ministry said in a statement.