Pipavav Shipyard has formed a joint venture with defence public sector unit Mazagon Dock Ltd, under which the two will collaborate in the manufacture of warships and submarines.
Pipavav Defence & Offshore Engineering Company (PDOL), will own an equal stake in the joint venture, Mazagon Dock Pipavav, the country's first public private partnership venture to build warships and submarines for the Navy.
The joint venture is primarily aimed at hastening the execution of the Indian Navy's Rs1,00,000-crore orders for Mazagon Docks, Nikhil Gandhi, chairman of Pipavav Shipyard, said.
"The PDOL board unanimously approved setting up of the joint venture company with MDL to be named as Mazagon Dock Pipavav Ltd," Gandhi said.
Besides speeding up execution of the Indian Navy's orders, the joint venture also will look at export orders from "friendly countries", Gandhi said, adding, Pipavav has the capacity to simultaneously work on a dozen vessels, including submarines, at any given time.
The joint venture will also look at bidding for future projects of the Navy, Gandhi said.