Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Stock Report

| More

L&T-built Fifth Offshore Patrol Vessel ICGS Varad Commissioned for Indian Coast Guard

Posted On: 2020-02-28 11:30:14

L&T-built Offshore Patrol Vessel ICGS Varad was commissioned into the Indian Coast Guard (ICG) by Shri. Mansukh Mandaviya, Hon'ble Union Minister of State for Shipping (Independent Charge) and Union Minister of State for Chemicals and Fertiliser at LOT Kattupalli shipyard, near Chennai today.

ICGS Varad set a record in Indian shipbuilding industry by becoming the first major defence ship to clear all Sea Acceptance Trials (SATs) in a single sea sortie, underlining the high quality of design and construction of these ships. The vessel is fifth in the series of seven Offshore Patrol Vessels (OPVs) contracted by Ministry of Defence on L&T in March 2015.

Commissioning of ICGS Varad comes on the heels of launch of the sixth OPV ICGS Vajra a day before at the hands of Smt. Geeta M Mandaviya, wife of Shri Mansukh Mandaviya. Both ceremonies were held in the august presence of Director General K Natarajan, PTM, TM, Chief of Indian Coast Guard and other dignitaries.

Taking L&T's impeccable track record of early deliveries forward, ICGS Varad was also delivered ahead of contractual schedule like previous four OPVs. Further, the ICGS Varad was built and handed over after trials within 19.5 months from its keel-laying in Jul 18, which is a record in Defence shipbuilding in India.

The OPVs are about 97m long, 15m wide, have 3.6m draught, 2140 Tons displacement and have a range of 5000 Nautical Miles. They can attain a maximum speed of up to 26 knots. The entire design and construction process has been certified by American Bureau of Shipping and Indian Registrar of Shipping and overseen by the Indian Coast Guard's resident team at Kattupalli.

Within a decade from receipt of first defence shipbuilding order in Mar-2010, L&T has inhouse designed, constructed and delivered 56 defence vessels so far in the true spirit of 'Make in India'. These include five Offshore Patrol Vessels, a Floating Dock and 50 Interceptor Boats with the remarkable achievement of delivering most of these vessels either ahead or on schedule - a new benchmark in the Indian shipbuilding industry.

Commenting on the commissioning, Mr S.N. Subrahmanyan, CEO & MD, Larsen & Toubro, said: "I am delighted to note that ICGS Varad accomplished a rare feat of clearing all Sea Acceptance Trials in a single sea sortie. Such achievements, besides consistently ahead of scheduled deliveries, bears testimony to L&T's shipbuilding prowess that can be benchmarked against the global best."

"L&T offers a unique value proposition that includes world-class infrastructure, matured shipbuilding processes, stringent quality norms, complex project management capabilities, robust financials for large value projects, and through-life support," added Mr Subrahmanyan.

Mr Jayant D Patil, Whole-time Director and Senior Executive Vice President (Defence & Smart Technologies), L&T, said: "Such accomplishments by ICGS Varad is a culmination of L&T's excellence in every aspect of shipbuilding. We have delivered all 56 defence vessels so far with complete in-house design and construction, which is a shining example of 'Make in India'. For over three decades, L&T has remained at the forefront of developing indigenous defence technologies. We are committed to significantly enhance our contribution to the Indian defence sector going forward."

Vice Admiral B Kannan (Retd.), MD & CEO L&T Shipbuilding, said: "ICGS Varad's record build time, from keel laying to delivery, has been only 19.5 months, which is the shortest among all Indian shipyards. Further L&T has extensively utilised Shipbuilding 4.0 tools with in-house developed IT systems for real-time data capturing, analysis, decision making, knowledge management and effective project monitoring and control. Further, with each follow-on vessel, the percentage of pre-outfitting has increased reducing the overall cycle time resulting in shortening of delivery time."

L&T has also established world-class infrastructure and processes at Kattupalli shipyard to provide efficient lifecycle support for defence ships. Yard has successfully repaired / refitted and upgraded a range of Indian Navy and Coast Guard vessels including Fleet Tankers, Survey Vessel, Offshore Patrol Vessels, Floating Dock and Fast Attack Craft and ensured their quick redeployment into service.

L&T is also executing India's largest defence ship export contract for construction of HighSpeed Patrol Vessels for a friendly nation in South-East Asia under country's "Look East - Act East" policy. The contract also empowers the recipient nation to construct later platforms indigenously.

Shares of LARSEN & TOUBRO LTD. was last trading in BSE at Rs.1209.85 as compared to the previous close of Rs. 1211.45. The total number of shares traded during the day was 135928 in over 8357 trades.

The stock hit an intraday high of Rs. 1216.95 and intraday low of 1200. The net turnover during the day was Rs. 164071779.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Moody's assigns Ba1 CFR to Motherson Sumi Systems Limited

High Energy Batteries India Ltd approves reappointment of Dr G A Pathanjali as Managing Director

Fitch revises rating of India Infoline Finance Ltd

Fitch places long-term issuer default rating of Manappuram Finance Ltd on Rating Watch Negative

Embassy Group supports Traffic Police at the forefront of Covid-19 Crisis

NMDC takes steps to fight COVID-19, to protect employees and maintain production

CRISIL updates on ratings of Thomas Cook India Ltd

Delta Corp Ltd board approves buy back of Rs. 125 crore through market purchase

NTPC completes acquisition of stake from Government of India in NEEPCO and THDC

Fitch revises ratings of Shriram Transport Finance Company Ltd

Ind-Ra affirms long term rating of Genus Power Infrastructures Ltd

Fitch Downgrades 3 Indian NBFIs, On Negative Watch; 4th on Negative Watch

Maruti Suzuki mobilizes production of ventilators, masks and PPE to support India's preparation against COVID-19

MEP Infrastructure Developers Ltd's SPV suspends toll collection at Mumbai

CRISIL assigns ratings to bank facilities of DCM Nouvelle Ltd

TVS Motor Company announces Service Support for customers

Rising Pharmaceuticals and Laurus Labs partner to support University of Minnesota to explore the prohylaxis effect of Hydroxychloroquine in essential health care workers

Tata Motors Ltd announces rejig of Passenger Vehicles business

Ind-Ra reaffirms rating of HeidelbergCement India Ltd

Lupin and Mylan announce Positive European Medicines Agency opinion recommending approval of Nepexto®, Biosimilar Etanercept

ICRA reaffirms rating of Graphite India Limited

TVS Motor Company and Sundaram-Clayton Ltd. announce spending of INR 30 crore to support nationwide efforts to combat COVID-19

Shuakhevi Hydro Power Project in Georgia commences Commercial Production

Dish TV India's OTT App WATCHO premieres '4 Thieves,' a new original quirky comedy series

ICICI Bank invests in Auxilo Finserve Pvt. Ltd.

Godrej Group stands in solidarity with India's efforts to overcome COVID-19

ITC sets up Rs 150 crores COVID Contingency Fund for vulnerable sections of society

Phoenix Mills Limited's rating placed on 'Watch Negative'

TCS Named a Leader in 2020 Gartner Magic Quadrant for Managed Workplace Services, Asia / Pacific

Dr. Reddy's Laboratories Ltd board approves borrowings, sale of CDMO division

Biocon & Biocon Biologics Ensuring Manufacturing of Life-Saving Medicines for Patients, Partners and Customers

Laurus Labs donates Hydroxychloroquine IP 200mg tablets, Rs. 50 lakhs fund

NTPC Ltd to acquire THDC India Ltd

CARE reaffirms long-term rating of CSL Finance Ltd

Maharashtra Seamless Ltd acquires offshore jack up drilling rig

CARE affirms rating of Piramal Enterprises Limited

Lupin appoints Ramesh Swaminathan as Chief Financial Officer and Head Corporate Affairs

CARE revises rating of Modison Metals Ltd

Nxtdigital Ltd divests 81,92,089 shares of Hinduja Leyland Finance Ltd

NTPC Ltd to acquire 3,60,98,09,800 shares of NEEPCO

ICRA retains long term rating of Sanghvi Movers Ltd

Dalmia Bharat suspends cement production across nation to curb spread of Covid 19

ICRA reaffirms credit rating of Jamna Auto Industries Ltd

Bringing back the Joy of Reading: Airtel and Juggernaut announce FREE access to thousands of e-books on Juggernaut Books

Relief measures for customers announced by Canara Bank

NLC India Ltd updates on phase out process of TPS-1

NACL Industries Ltd Board declares Interim Dividend of Rs. 0.10

Employee initiatives announced by Kotak Mahindra Group in view of the ongoing Covid-19 crisis

Suzuki Motor Gujarat extends production shutdown till Apr 14, 2020

NIIT Develops Actionable Roadmaps and Toolkits to Help Learning and Development Organizations Minimize COVID-19 Impact







Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019