Cochin Shipyard Limited has inke a Rs 488.25 crore contract with the Defence Ministry for repair and maintenance of equipment and systems onboard naval vessels.

The shipbuilding and maintenance company said, "The work on the contract has already commenced during Q2FY24 based on the approval of necessity (AoN) from the Ministry of Defence, and is expected to be completed by Q1FY25."

Earlier this month, the company signed a memorandum of understanding (MoU) with the Adani Group for constructing green tugs, after delivering the first of the two tugs ordered by Ocean Sparkle Limited, now owned by Adani Harbour Services Limited.

This is the first tug to be built in India under the Approved Standard Tug Design Specifications (ASTDS) issued by the Ministry of Ports, Shipping, and Waterways (MoPSW) for promoting the shipbuilding industry under the Atmanirbhar Bharat initiative.

The company, in November, launched three Indian Navy vessels in the series of eight anti-submarine warfare shallow water crafts from its Kochi Yard.