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MUMBAI (PTI): State-run warship building yard Mazgaon Docks (MDL) has entered into separate joint ventures with Larsen & Toubro and Pipavav Defence and Offshore Engineering for constructing submarines and warships.

The agreements, part of a government policy on formation of JVs to produce Naval assets within set timelines and avoiding cost overruns, come nearly a year after such an agreement was first signed between MDL and Pipavav, only to be put on hold in the wake of opposition from some companies.

Following objections from bidders who lost out, the defence ministry had put on hold the award to Pipavav on September 3, 2011.

MDL, which is sitting on an order book of over Rs 1 lakh crore which includes submarines, destroyers and frigates, said it will also "explore the feasibility of diversifying its product profile by entering into partnerships with other eligible leading shipbuilders as well."

"The JVs (with L&T and Pipavav) will leverage the strengths of the respective JV partners in the public and private sectors to work out a collaborative strategy for taking the nation towards self-sufficiency in warship construction," it said.