Garden Reach Shipbuilders & Engineers (GRSE) has secured a significant order worth Rs 840 crore. The order was awarded by the National Centre for Polar and Ocean Research (NCPOR), a part of the Ministry of Earth Sciences, Government of India.
In an exchange filing, the company shared the following details:
“Dear Sir/Madam,
1. On receipt of a Letter of Intent from the National Centre for Polar and Ocean Research (NCPOR), we have informed the Stock Exchanges as per our letter dated 09 Nov 2023.
2. In accordance with Regulation 30 of the SEBI Listing Regulations, we wish to inform you that the company has signed a contract with NCPOR for the construction and delivery of an Ocean Research Vessel (ORV).
3. The order details are as follows:
– Awarding Entity: National Centre for Polar and Ocean Research (NCPOR), Ministry of Earth Sciences, Government of India.
– Order Scope: Construction and delivery of one Ocean Research Vessel (ORV).
– Order Value: Approximately Rs 840 crore.
– Execution Time: 42 months.
– Nature of Order: Domestic.
– Related Party Transactions: None.
GRSE emphasized that the contract will not fall within related party transactions and is at arm’s length. The company looks forward to executing this prestigious project, furthering its commitment to excellence in shipbuilding and contributing to India’s ocean research capabilities.
