The FPVs will be designed, developed and manufactured by MDL under Buy (Indian-IDDM) Category and will be delivered in total 63 months, said MoD.

Along with several high tech advanced features and equipment, these FPVs will be equipped with multipurpose drones, wirelessly controlled remote water rescue craft lifebuoy and Al capability etc. enabling greater flexibility and operational edge to the ICG to face new age multidimensional challenges, the Defence Ministry stated.

The FPVs will play a critical role in enhancing fisheries protection and monitoring, control and surveillance, anti-smuggling operations, search and rescue operations including in shallow waters, assistance to ship/crafts in distress, towing capabilities, assistance and monitoring during marine pollution response operations, anti-piracy operations.

“The acquisition of these FPVs is aimed to boost ICG's capability and reinforces the increased focus of the government towards maritime security,” the ministry said in the statement.

“In line with the 'Atmanirbhar Bharat', the contract will boost nation's indigenous shipbuilding capability bolstering maritime economic activities and foster growth of ancillary industries especially the MSME Sector. The project will effectively generate employment opportunities and expertise development in the country,” the ministry added.

MDL said that the first vessel delivery is T0+24 months and delivery of subsequent vessels at intervals of three months, where T0 is the date of release of advance payment by the buyer to the seller.

Mazagon Dock Shipbuilders build maritime capability to strengthen national security and help the nation sail through new economic heights. Mazagon Dock is the ship builder to the nation.

The company’s consolidated net profit jumped 55.6% to Rs 332.88 crore in Q2 FY24 as compared with Rs 213.90 crore in Q2 FY23. Net sales increased 7.4% YoY to Rs 1,827.70 crore in Q2 FY24.

Shares of Mazagon Dock Shipbuilders gained 1.57% to end at Rs 2,325.35 on the BSE.