Mazagon Dock Shipbuilders Gets Order Worth Rs 1,145 Crore From ONGC

Mazagon Dock Shipbuilders Ltd. received an order worth Rs 1,145 crore from Oil and Natural Gas Corp. on Friday for the replacement of the pipeline.

The order involves part replacement of a pipeline to be completed by May 15, 2024, an exchange filing said. The company will lay approximately 44.4 km of subsea pipeline in 19 segments for ONGC.

Both companies are government-owned, but the order received by Mazagon Dock was allotted through a bidding process, the company said.

The Mumbai-based company produces dredges, water tankers, cargo ships and multipurpose support vessels. It is the only shipyard to build conventional submarines and destroyers for the Indian Navy.

Shares of Mazagon Dock closed 1% lower at Rs 2,059 apiece, as compared with a 0.33% advance in the NSE Nifty 50.