New Delhi, June 26, 2024 – In a significant milestone for India’s defence sector, Mazagon Dock Shipbuilders Limited (MDL) has been conferred the prestigious Navratna status by the Ministry of Finance, Government of India. The elevation, effective from June 25, 2024, marks MDL as the 21st Central Public Sector Enterprise (CPSE) to achieve this status, the third within the defence sector, and notably, the first shipyard in India to earn this distinction.
Significant Achievements and Growth
Mazagon Dock Shipbuilders Limited, a premier Indian warship and submarine builder, has demonstrated remarkable performance, posting a consolidated annual turnover of ₹9,467 crore and a net profit of ₹1,845 crore for the fiscal year 2023-24. The company had previously earned the Miniratna Category-I status in 2006 and holds a 47.21% equity stake in Goa Shipyard Limited, a PSU under the Ministry of Defence.
Key Milestone in Defence Sector
The recognition as a Navratna CPSE underscores MDL’s consistent track record of technical proficiency and innovative prowess in the construction of complex naval vessels. MDL’s elevation reflects its strong legacy, robust performance, and commitment to contributing significantly to India’s defence landscape.
Chairman and Managing Director of MDL remarked, “The elevation to Navratna status is a testament to MDL’s rich heritage and unwavering commitment to excellence. This achievement underscores our technical proficiency in warship and submarine building, driven by a workforce endowed with professional acumen and innovative spirit.”
MDL’s elevation to Navratna status not only acknowledges its past accomplishments but also positions it for an enhanced role in the future of India’s defence sector. The company is poised to leverage this status to expand its capabilities and contribute more significantly to national security and development.
The Chairman further expressed gratitude to all stakeholders, particularly the Ministry of Defence, Department of Defence Production, and the Indian Navy, for their continuous support and guidance. “We extend our heartfelt gratitude to the entire workforce—past and present—whose dedication has been pivotal to the company’s success.”
With Navratna status, MDL is expected to enjoy greater financial and operational autonomy, allowing it to engage in more substantial and strategic defence projects, further bolstering India’s indigenous defence capabilities.
Also Read | DRDO Hands Over Medium Range-Microwave Obscurant Chaff Rocket to Indian Navy