Mumbai, Sept. 10 -- Mazagon Dock Shipbuilders has received a purchase order worth Rs 1.1799 billion (bn) from Maharashtra State Electricity Transmission Company Limited (MSETCL) for an AI based infrastructure security project across five substations. The order, equivalent to Rs 1,179.9 million (mn), was disclosed to stock exchanges and is domestic in nature. The scope covers supply, installation and commissioning work and the execution period for the contract is 24 months. The company indicated the project will be executed within the stated timeline.
MSETCL awarded the contract for what the company described as an AI based Comprehensive Infrasecure Project spanning five substations. The order value of Rs 1.1799 bn is stated to be inclusive of GST at 18 per cent and other duties. Mazagon Dock will undertake systems integration, hardware provision and commissioning activities as part of the delivery. The firm noted that the work will be delivered under domestic procurement norms.
In its filing the company confirmed that the order does not constitute a related party transaction and that there is no interest of its promoter or promoter group in the contract. The disclosure to stock exchanges followed standard compliance procedures. Market commentary in the source indicated that the share price had been up in the preceding month, but the company provided only contract related details. The filing reiterated that the contract falls outside related party frameworks.
Mazagon Dock Shipbuilders traces its origins to a dry dock established at Mazagon in Mumbai in 1774 and is a Navratna Defence Public Sector Undertaking under the Ministry of Defence. Since 1960 the yard has delivered 806 vessels including 31 warships and eight submarines and also supplies commercial and offshore platforms to domestic and international customers. The company is listed on both the BSE and the NSE and remains majority owned by the Government of India.
Published by HT Digital Content Services with permission from Construction World.