India’s Ministry of Defence signed contracts worth 53,866.50 crore rupees on November 2, 2026, awarding five Next Generation Corvettes to Garden Reach Shipbuilders and Engineers and three to Goa Shipyard Limited. The ministry said the project is the first in which the Indian Navy will design the ships itself and state owned shipyards, selected through a competitive process, will build them. The corvettes will carry advanced missiles, weapons and sensor suites for air, surface and sub-surface missions, and the ministry expects the work to generate about 72 lakh person-days of employment in the shipyards and 460 lakh person-days in ancillary industries over the next ten years.
India signs $5.7 billion deal for eight next generation corvettes
India's Ministry of Defence has signed contracts worth 53,866.50 crore rupees, about $5.7 billion, with Garden Reach Shipbuilders and Goa Shipyard to build eight Next Generation Corvettes for the Indian Navy.
Why it matters: The award is the first Indian Navy project designed indigenously and built by state shipyards chosen competitively, locking in a decade of domestic warship work.
Data as of India Ministry of Defence release via the Press Information Bureau, signed November 2, 2026 and read in full in this run; the dollar figure is Breaking Defense's conversion of the ministry's rupee total. Developing item.
Sources
- Ministry of Defence signs contracts worth Rs 53,866.50 crore with GRSE and GSL for eight Next Generation Corvettes - Press Information Bureau, Government of India - 2026-11-02
- India taps two domestic shipbuilders for $5.7B corvette program - Breaking Defense - 2026-11-04