The Cochin Shipyard Ltd (CSL) on Friday, June 9, said it has emerged as the lowest bidder for the upgrade of an Indian Navy ship.

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The estimated project cost is around Rs 300 crore and the duration is roughly 24 months, the company said in an exchange filing.

"We would like to inform that the company has received a communication today from the Ministry of Defence stating that Cochin Shipyard Ltd has been declared as L1 by the Indian Navy for MR/Mid Life Upgrade of an Indian Naval Ship," the company said.

Incorporated in 1972, CSL can build ships up to 1,10,000 dead weight tonnage (DWT) and repair ships up to 1,25,000 DWT. The yard has delivered two of India's largest double-hull Aframax tankers each of 95,000 DWT.

CSL has secured shipbuilding orders from internationally renowned companies from Europe and the Middle East and has been nominated to build the country's first indigenous air defence ship.

Shares of Cochin Shipyard Ltd ended at Rs 540.30, down by Rs 4.40, or 0.81 percent on the BSE.

(Edited by : Shoma Bhattacharjee)