Goa Shipyard in Talks with S.Korean Firms For $5 Billion Mine Counter Measures Vessel Project

India's Goa Shipyard is in discussion with South Korean defence and marine ancillary units as well as Indian firms for a $5 billion Mine Counter Measure Vessel project.

The Ministry of defense allotted the project to Goa Shipyard Limited in early March.

Goa Shipyard will also look to take advantage of South Korea’s supply-chain efficiency by sending more orders for pumps, deck machinery and other equipment to South Korean manufacturers instead of European firms which are expected to reduce costs by 15%-20%, chairman and managing director Shekhar Mital was quoted as saying by Times Of India today.

“In a way, we will have to spoon feed, but, we also need to sit down and seriously discuss how we can take this initiative forward,” Mital said, referring to the two-day convention organized by Confederation of Indian Industries for South Korean defence and marine ancillary units that was held at Dona Paula.

The convention was attended by 28 South Korean firms and 60 local industry representatives. Industry heavyweights from South Korea like Samsung Thales, Lignex1, Kangnam Corp as well as head of special projects and engineering systems L&T shipyard SVS Chary, advisor for Pipavav shipyard admiral R M Bhatia were present.

“The biggest success has been that we have been able to bring all stakeholders on a single platform to make this ‘Make in Goa’ a reality… and there will be a significant tangible benefit,” Mital said.

The South Korean delegation will pay a visit to the Vasco-based shipyard’s premises to get an overview of the facilities and infrastructure available.

Mital also cautioned Indian companies from expecting any special concessions or preferences. “There are no freebies. We have to look at our processes and be competitive. We are exposed to where the best of technology is available,” he added.

Besides working on the mine-sweeper project, the defence public sector unit has also submitted its bid for the ambitious hovercraft project for the Indian Army.