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Mazagon Dock Shipbuilders, one of India's largest shipbuilding companies has maintained its revenue growth guidance of 25 percent for the current financial year and 20 percent for the next one.

The company's Director of Finance, Sanjeev Singhal spoke to CNBC-TV18 on the latest indigenisation push by the Defence Acquisition Council.

The Defence Acquisition Council has cleared acquisition proposals worth over Rs 84,000 crore with procurement worth Rs 82,000 crore to be completed through indigenous sources. Acquisitions include light tanks, naval anti-ship missiles and offshore patrol vehicles.

Singhal told CNBC-TV18 that the allocation to shipbuilding from this recent push is close to Rs 3,000 crore.

The Director of Finance also said that high value projects like the P75 (I) submarine project are progressing simultaneously.

The P75I is a planned class of diesel-electric submarines, which are to be built for the Indian navy. The Indian Navy intends to acquire six conventional, diesel-electric attack submarines, which will also feature advance capabilities like air-independent population, ISR, special operations forces, anti-ship warfare, anti-submarine warfare, anti-surface warfare, land-attack capabilities and other features.

However, there are further delays in the bidding process and as a result, the company does not see any revenue impact for the next 2-3 years. It plans on submitting the bids by August 2023, according to Singhal.

Also Read: These defence stocks will benefit from the ministry's Rs 84,328 crore capital procurement proposals

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