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Garden Reach Signs ₹491 Crore Deal For Acoustic Research Ship

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Synopsis:

Garden Reach Shipbuilders & Engineers Ltd signed a ₹491 crore contract with NPOL to build an Acoustic Research Ship, including design, equipment integration, and testing, to be completed within 36 months.

Garden Reach news today

Garden Reach Shipbuilders & Engineers Ltd (GRSE) has secured a significant deal worth ₹491 crore with the Naval Physical & Oceanographic Laboratory (NPOL), a unit of the Defence Research and Development Organisation (DRDO). The contract includes the design, development, and construction of an Acoustic Research Ship (ARS) to support the Ministry of Defence's research efforts. This project marks an important step for GRSE, reinforcing its capabilities in designing and developing advanced vessels for India's naval defence.

GARDEN REACH SHIP&ENG LTD

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1770.1536.45 (2.10 %)

Updated - 12 December 2024
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Project timeline and details

The contract involves the integration of equipment, testing, certification, and commissioning of the ARS, with the project set to be completed within 36 months from the contract's signing. The ship will serve as a specialised vessel dedicated to acoustic research, contributing to naval advancements in sonar and underwater communication systems. GRSE’s role in this deal showcases its expertise in creating complex, purpose-built ships tailored to the Defence sector's unique needs.

Additional orders in October

This is not the only significant contract secured by GRSE in October. Earlier in the month, the shipbuilder won two contracts for designing and building hybrid electric ferries as part of West Bengal’s Inland Waterways Transport Project. These hybrid ferries, designed for cross-river operations, demonstrate the company’s expanding portfolio, combining sustainability and innovation in vessel construction.

Furthermore, GRSE signed an agreement to construct and deliver a 7,500 deadweight tonnage (DWT) multi-purpose vessel for a German client. This contract was part of an option agreement to deliver four additional vessels to the same client.

Impact on Garden Reach share price

The news of GRSE's multiple contracts and its ₹491 crore deal with NPOL is expected to bolster investor confidence, potentially leading to a positive movement in the Garden Reach share price. The company's ability to secure diverse contracts, from defence to commercial sectors, highlights its competitive edge and growing market presence.

With a steady flow of contracts, Garden Reach Shipbuilders & Engineers Ltd is poised to strengthen its position as a key player in the shipbuilding industry. The ₹491 crore acoustic research ship project represents a significant milestone for the company, promising to enhance its long-term growth trajectory.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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