New Delhi, Nov. 2 -- India has signed defence contracts worth Rs.53,866 crore to build eight next-generation corvettes for the Indian Navy, in a major push to strengthen its maritime security and indigenous warship-building capabilities.

The contracts have been awarded to two defence public sector shipbuilders - Garden Reach Shipbuilders and Engineers Ltd (GRSE) and Goa Shipyard Limited (GSL) - for the construction of the eight warships, the Defence Ministry said on Monday, according to news agency PTI.

Under the agreement, GRSE will construct five corvettes, while GSL will build the remaining three.

The acquisition comes amid growing maritime security concerns in the Indian Ocean Region, particularly China's expanding naval presence a...