- Mazagon Dock signed MoU for greenfield shipbuilding cluster at Dighi, Maharashtra
- The new facility will have a shipbuilding capacity of at least 1.2 million gross tonnes
- Mazagon Dock will act as the anchor shipyard, expanding beyond warship production
Mazagon Dock Shipbuilders Ltd shares will be in focus on Thursday after the defence shipbuilder signed a memorandum of understanding with National Shipbuilding & Heavy Industries Park Maharashtra Ltd for a proposed greenfield shipbuilding cluster at Dighi in Maharashtra.
Under the agreement, Mazagon Dock will participate as the anchor shipyard for the project, as per the exchange filings. The proposed facility is planned to have an annual shipbuilding capacity of at least 1.2 million gross tonnes and will be designed to build large commercial vessels.
The Dighi project marks an expansion of Mazagon Dock's business beyond its established focus on warships and submarines.
Also Read | Mazagon Dock To Invest Rs 27,000 Crore For Shipbuilding Cluster To Generate 90,000 Jobs
The company said the facility will support a broader maritime ecosystem involving ancillary industries, MSMEs, technology partners and skilled employment.
The MoU was signed in Mumbai in the presence of Maharashtra Chief Minister Devendra Fadnavis and state Fisheries and Ports Minister Nitesh Rane.
The proposed cluster is part of efforts to expand India's shipbuilding capabilities and is aligned with the country's longer-term maritime development plans.
Reports have estimated the broader Dighi project at around Rs 27,500 crore, while Mazagon Dock's proposed investment in its own shipyard has been reported at around Rs 15,000 crore.
Also Read | Stocks In Focus: Why Are Garden Reach Shipbuilders, Mazagon Dock And Cochin Shipyard Shares Surging?
Mazagon Dock Share Price
Mazagon Dock shares ended Wednesday at Rs 2,217, down Rs 19 or 0.85% from the previous close of Rs 2,236.
The stock touched an intraday high of Rs 2,288.60 and a low of Rs 2,190. Its market capitalisation stood at around Rs 89,860 crore at the close.
The stock's performance came as investors assessed the company's latest expansion into commercial shipbuilding.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.