Pipavav Defence moved up 7 percent in the stock market after a section of media reported that the Russian government has chosen Pipavav Shipyard for a 'Make in India' naval frigate. Reports suggest the order is likely to exceed USD 3 billion and Russia has officially informed the defense ministry about the decision. However, CNBC-TV18 has not verified the news.
The record deal is the first deal landed by Pipavav post takeover by Reliance InfraThe contract for the new frigates is likely to be in the form of a govt-to-govt order with Russia. The deal could be signed in this financial year and delivery is expected over the next 6-8 years.
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