Mazagon Dock Shipbuilders receives ‘Navratna’ Status

Mazagon Dock Shipbuilders receives ‘Navratna’ Status

FPJ BureauUpdated: Thursday, June 27, 2024, 03:49 PM IST
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Kunal Patil

Ministry of Finance, Govt. of India has elevated Mazagon Dock Shipbuilders Limited (MDL), India’s premier warship and submarine builders to Navratna category on Tuesday. MDL is now the 21st Navratna CPSE in the country, 3rd in Defence PSUs and the first Shipyard to receive this status. The company posted a consolidated annual turnover of Rs. 9,467 crore and net profit of Rs. 1845 crore for the FY 2023-24. MDL earned the status of Miniratna- I in 2006. MDL also holds 47.21% of equity share capital of Goa Shipyard Limited, a PSU under Ministry of Defence. Now being elevated to Navratna status, signifies its consistent performance in the recent past and MDL is further committed to play a more significant role in the country's defence landscape and contribute to the growth and development of the sector in the years to come.

"The elevation to Navratna status is a testament to MDL's rich heritage and unwavering commitment to excellence," said Chairman and Managing Director (CMD) of MDL. MDL has achieved this feat owing to its strong legacy of technical proficiency in warship and submarine building and a workforce with professional diligence, innovation and performance that has elevated the growth of the company to new heights. “We are deeply thankful to all our stakeholders for reposing their trust with MDL, and the entire workforce – past & present, whose dedication has been pivotal towards the company’s success. We extend our heartfelt gratitude to the Ministry of Defence/ Department of Defence Production, Dept of Public Enterprises, DIPAM and our esteemed customers the Indian Navy, under whose guidance and support, MDL has been able to achieve this milestone”, CMD added.

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