West indian countries

Defense PSU GRSE manufacturing 7 ships for foreign countries: Official

Defense PSU Garden Reach Shipbuilders and Engineers Ltd is building seven ships for foreign countries, out of the 23 ships that are in various stages of construction, its chairman and chief executive, Commodore (Retired) PR Hari, said.

GRSE, which had won the prestigious Rs 19,294 crore order to build three advanced stealth frigates under Project 17A for the Indian Navy, has already launched two such vessels and the construction of the third is in full swing.

“Of the 23 ships developed by GRSE, seven are for foreign countries,” Hari told PTI.

The Kolkata-based warship builder is building six patrol boats for Bangladesh and an ocean passenger and cargo ferry for the Cooperative Republic of Guyana, it said.

After launching the advanced frigate P17A INS Himgiri and the large hydrographic vessel INS Sandhayak, GRSE is carrying out fitting out work on these vessels in its FOJ (jetty fitting out) unit before handing them over to the Indian Navy, Hari said.

The second Dunagiri stealth frigate made by the shipyard was launched on July 15 by Defense Minister Rajnath Singh.

Among the vessels under construction at its sprawling facilities on the bank of the Hooghly River are four large sounding vessels, of which Sandhayak is being outfitted.

“GRSE is also building eight anti-submarine warfare craft for the navy,” Hari said.

A major supplier to the Indian Coast Guard, the public company is manufacturing a fast patrol boat for it, in addition to the redevelopment of the ICGS Sujay, he said.

In its effort to introduce green technologies in shipbuilding, GRSE has signed a contract with the West Bengal government to build a next-generation electric ferry, Hari said.

“I believe that once delivered, this vessel will be a game changer for river transport in India and will also have good export potential,” he said.

The shipbuilder, which derives nearly 95% of its revenue from the manufacture of naval vessels, also manufactures bridge machinery components, prefabricated portable steel bridges and marine pumps, the official said.

GRSE, which has so far delivered 107 warships, with the first INS Ajay in 1961 being India’s first locally-built warship, has been a profit-making business for 28 years, he said.

After extensive modernization, the shipyard can currently build 20 ships, eight large and 12 small, simultaneously, the official said.

A listed company, GRSE, recorded a record quarterly total revenue of Rs 621 crore during the April-June 2022-23 period, an 81% growth over the corresponding months last fiscal year, it said. -he declares.

Profit after tax amounted to Rs 50 crore in the quarter ended June 30, 2022, from Rs 21 crore a year ago, and recorded a growth of 138%, it added.

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Source link