Defence Minister George Fernandes on Friday said the dream of converting the aircraft carrier Vikrant into a museum would soon become a reality as the Centre has sanctioned Rs 42 crore for the purpose.

The Defence Ministry has identified Oyster Rock in south Mumbai as the site for grouting of Vikrant.

Speaking at the concluding ceremony of the 'Vikrant Bachao Abhiyan' at Bhandup suburb in Mumbai, he said the museum would not only depict the ship's history but also focus on sacrifices made by the people to protect the coast of the country.

Felicitating students from 8,000 schools who participated in a painting and essay competition titled 'Shaheedon Ko Salaam', Fernandes said the museum would be a tourist attraction and the pride of Mumbai residents.

Though the Maharashtra government had said it would take care of the project, the enormous delay in initiating the process had forced the Centre to sanction the money, he added.

Addressing the gathering, BJP MP and Abhiyan convener Kirit Somaiya said the entire project would cost Rs 60 crore of which Rs 10 crore would be spent on constructing a jetty.

Vikrant was commissioned in 1961 and was decommissioned in 1997.