In an exchange filing, the shipbuilding company said, “The board has accepted the offer of Mumbai Port Authority (MbPA) for the allotment of land and building (Workshop land and Clark Basin), measuring 14.55 acres, adjacent to MDL Mumbai Yard on long term lease basis to MDL for 29 years with effect from 1 April 2024 to 31 March 2053.”

The total allotment cost is approximately Rs 354 crore which include upfront lease premium, cost of buildings and structures, GST, stamp duty and registration charges.

The payment of the allotment cost will be paid to MbPA in due course, the firm stated.

Mazagon Dock Shipbuilders is principally engaged in building and repairing of ships, submarines, various types of vessels and related engineering products for its customers.

The company’ consolidated net profit jumped 76.97% to Rs 626.78 crore in Q3 FY24 as compared with Rs 354.16 crore posted in Q3 FY23. Revenue from operations climbed 30.10% YoY to Rs 2,362.47 crore in Q3 FY24.