One of the most successful shipyards in the nation for the construction of warships, Garden Reach Shipbuilders and Engineers Ltd (GRSE) reported a 45 percent increase in yearly revenue to the tune of Rs. 2,550 crore.
Also, on the 30th of March in 2023, GRSE inked a contract with the Ministry of Defense for the building of four Next Generation Offshore Patrol Vessels (NGOPVs). “This Rs 3,500 crore (approx.) contract obtained on competitive bidding, improves the Shipyard’s credentials for building future generation warships indigenously,” the firm said in a statement. “The first NGOPV is planned to be delivered in 44 months,” the statement said.
The corporation also announced a 55 percent interim dividend for FY22-23, up from 49.50 percent last year.
The ‘Next Generation Electric Ferry’ was going to be built by the firm in 2022, and they signed a contract with the state government of West Bengal to do so. This was their first foray into “Green Technology” in the shipbuilding industry. At the moment, the shipyard is working on the building of a total of 22 vessels all at the same time. These vessels include three P17A Stealth Frigates, four Survey Vessels (Large), eight ASW SWCs, one New Generation Electric Ferry, and six Patrol Boats.
The launch of several megaships for the Indian Navy in 2022 and 2023, including the 2nd P17A Advanced Frigate Dunagiri, two Antisubmarine Warfare Shallow Water Craft, and two Survey Boats, was one of the major manufacturing milestones that was accomplished in this time period (Large).
During the fiscal year 23, the Cooperative Republic of Guyana received an Ocean Going Passenger and Cargo Vessel, while the Indian Coast Guard received a Fast Patrol Vessel (FPV). Both vessels were launched and delivered.
GRSE introduced the first of its kind “Double Lane Modular Steel Bridges” at Defence Expo 22. These bridges are utilized in HADR operations as well as in border areas for the establishment of road connection. During the fiscal year 2022-23, the price of the shares increased by 85 percent.
Also read: Bharat Electronics, a government-owned defense contractor, set a new sales record of Rs. 17,300 crore