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New Delhi|Mumbai: Homegrown shipbuilders are planning to augment local sourcing of key components in line with the government's push to produce more ships locally. The move tracks a ₹69,725 crore package for the shipping and maritime sectors that includes a national mission for shipbuilding and a dedicated maritime development fund of ₹25,000 crore.Goa Shipyard, a state-run company for defence shipbuilding, currently has a ₹40,000 crore orderbook with half of it being confirmed orders, senior officials told ET. The company is targeting 70% localisation to fulfil these orders. "The engines are not manufactured in India; however, more than 70% of the procurements are done from India by Indian manufacturers or through international equipment suppliers that have Indian setups," a senior company official said.The Vasco Da Gama, Goa-based shipyard is implementing a ₹3,000 crore expansion plan to enhance its width to 200 meters from 125, and depth to 9 meters from 5.5. It has also signed an agreement with Sagarmala Finance Corporation to raise ₹ 1,000 crore. Private sector Swan Defence and Heavy Industries, and state-run Mazagon Dock Shipbuilders would also strive for over 70-75% localisation in tenders for supplying landing platform docks to the Indian Navy.The Defence Acquisition Council recently approved Rs 33,000 crore for procurement of these vessels. Live EventsRear Admiral Vipin Kumar Saxena (retired), currently the chief executive of Swan Defence said the company has already demonstrated 80-85% indigenous shipbuilding in complex projects. "Commercial shipbuilding, by comparison, is well within our reach," he said.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onswan defencemazagon dock shipbuildersGoa Shipyardlocal sourcing shipbuildingindigenous shipbuildingDefence Acquisition Councillocalisation in shipbuildingIndian Navy landing platform docks (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onswan defencemazagon dock shipbuildersGoa Shipyardlocal sourcing shipbuildingindigenous shipbuildingDefence Acquisition Councillocalisation in shipbuildingIndian Navy landing platform docks(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless
