The Rs 32,000 crore defense project requires Garden Reach Shipbuilders & Engineers to deliver five advanced warships within nine years and four months of receiving the initial stage payment. Designed for high-end offensive and anti-submarine operations, each 4,950-tonne corvette will feature a Combined Diesel and Gas Turbine–CrossConnect propulsion system. This deal bolsters the firm's robust operational pipeline, which already features nine naval combatants and 36 additional platforms across domestic and export markets.
Key points
The defense contract expands the shipbuilder's existing order book beyond its nine active…: The defense contract expands the shipbuilder's existing order book beyond its nine active naval combatant projects.
Company manufacturing operations currently include constructing 36 additional platforms,…: Company manufacturing operations currently include constructing 36 additional platforms, with 13 of those vessels intended for export markets.
Despite falling over 14% over the past year, company stock has risen nearly 197% over a t…: Despite falling over 14% over the past year, company stock has risen nearly 197% over a three-year period.
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According to a filing with the exchange, the company said that signing of the contract marks a major step forward in strengthening India's indigenous warship-building capabilities and advancing the vision of Aatmanirbhar Bharat in defence manufacturing. The company had emerged as the lowest bidder (L1) for the prestigious project.
The project is to be completed within nine years and four months from the date of receipt of first stage payment. The nature of this contract is construction and delivery, and it is awarded by a domestic entity.
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The company further said that building on its extensive experience in the construction of guided-missile and antisubmarine warfare corvettes, GRSE will now undertake the construction of these next generation warships, which will feature enhanced capabilities, advanced sensors and sophisticated weapons systems.
The project further reinforces the shipyard's position as a key contributor to India's maritime defence preparedness and indigenous warship design and construction.
Highlighting the description of the next generation corvettes, the…
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