New Delhi, Nov. 2 -- The defence ministry on Monday signed contracts worth Rs.53,867 crore with two public sector yards to boost the Indian Navy's operational capabilities with eight next-generation corvettes, the defence ministry said.

In a boost for the self-reliance drive, Garden Reach Shipbuilders & Engineers Limited (GRSE) will build and supply five of the warships, while Goa Shipyard Limited (GSL) will handle the remaining three.

The two contracts were signed in the presence of defence secretary Rajesh Kumar Singh.

"The project marks a significant milestone in India's indigenous warship design and construction capabilities as it is the first project in which the ships will be indigenously designed by the Indian Navy and construct...