Mazagon Dock Shipbuilders Limited (MDL), the country's premier warship and submarine builder, announced that it has been awarded the prestigious Navratna status by the Ministry of Finance.
This landmark decision, effective from June 25, 2024, makes MDL the first shipyard in India and the 21st Central Public Sector Enterprise (CPSE) to achieve this distinction.
The Navratna status grants MDL increased financial and operational autonomy, empowering the company to embark on more ambitious projects and bolster India's defence capabilities.
The company's strong financial performance, with a turnover of ₹9,467 crore and a net profit of ₹1,845 crore in FY24, further solidifies its position in the market.
With an order book of around ₹38,000 crore, MDL is poised for significant growth. The company has set its sights on large-scale projects, including the construction of six Air-Independent Propulsion submarines and potentially, aircraft carriers.
To support its ambitious plans, MDL is investing ₹3,000 crores in expanding its facilities over the next three to four years. The company is also utilizing its free cash reserves of ₹4,000 crores to acquire new land and develop a greenfield shipyard.
This achievement marks a significant milestone for both MDL and India's defence sector. The company's leadership expressed gratitude to all stakeholders, and industry analysts predict this development will boost investor confidence and contribute to India's growing self-reliance in naval construction.
Investors responded positively, pushing MDL's shares to an all-time high following the announcement.
