Pipavav Defence & Offshore Engineering Company (PDOC), a shipbuilding company announced Tuesday the signing of an agreement with JSC Ship Repairing Centre Zvyozdochka, Russia. This agreement is for Medium and Life Certification of 877 EKM submarines in India.

PDOC proposed to execute the 'Make in India' and 'Skill Development' program under a joint venture with 51% stake, consistent with MoD regulations. The indicative value of work proposed to be undertaken by the proposed JV is approximately Rs 110 billion.

Shares of the company declined Rs 0.35, or 0.56%, to settle at Rs 62.60. The total volume of shares traded was 413,686 at the BSE (Tuesday).