India's Garden Reach Shipbuilders and Engineers (GRSE) has emerged as the lowest bidder for the construction of five ships in a new class of corvettes slated for the Indian Navy.
GRSE will thus be awarded the contract to build five "next generation corvettes" (NGC) at an estimated cost of approximately INR250 billion (US$2.94 billion).
GRSE said the NGCs will be capable of fulfilling the roles of offensive surface-to-surface missile attack, anti-missile defence, supporting surface action groups for maritime strikes, and anti-submarine warfare among others.
The warship will also incorporate what GRSE said will be "green" design features such as energy-efficient and environment-friendly technologies.
The Indian Navy will acquire a total of eight NGCs. The three other ships will be built by the second-lowest bidder with no change in ship unit cost.
The contract for the first five NGCs will be formally awarded to GRSE following additional negotiations with the Indian Ministry of Defence.
Each NGC will measure 120 metres long and displace approximately 3,500 tonnes. A combined diesel and gas propulsion arrangement will deliver speeds of up to 32 knots.