New Delhi, Nov. 2 -- The Ministry of Defence has signed contracts worth Rs 53,866.50 crore with Garden Reach Shipbuilders & Engineers Limited (GRSE) and Goa Shipyard Limited (GSL) for the construction of eight Next Generation Corvettes for the Indian Navy.

The contracts were signed in the presence of Defence Secretary Rajesh Kumar Singh at Kartavya Bhawan-2 in New Delhi on Monday.

Under the agreement, GRSE will construct five corvettes, while GSL will build the remaining three. The project marks an important step in India's indigenous warship design and construction capabilities, as the vessels will be designed by the Indian Navy and constructed by defence public sector undertakings (DPSUs) selected through a competitive process.

The M...