In a revolutionary step towards transition from 'Make in India' to 'Make from India', Garden Reach Shipbuilders and Engineers Ltd., (GRSE), a Mini Ratna Category 1 Defence PSU and a leading warship building company of India, today signed a Memorandum of Understanding (MoU) with Naval Group France, a leader in European Naval Defence Industry to collaborate in the field of surface ship that caters to fulfil the requirement of India and International Naval forces.
The MOU was signed by Cmde. PR Hari, IN (Retd), Director (Personnel) GRSE .Under the MoU, the two entities will collaborate and engage to offer high-end surface ships based on sea proven GowindŽ design developed for export market. Having built over 100 warships for Indian and foreign naval forces, GRSE will work closely with French & Indian industries.
The MoU also seeks to leverage the capabilities of both firms for meeting the growing requirements of the shipbuilding industry and offer a robust world class product utilising the State-of-the-art capabilities of both the organisations. This blend of modern technology, innovation and management of resources by Indian and French naval industrial leaders will be a real value proposition for international navies.
Highlighting the importance of collaboration Rear Admiral V K Saxena (IN Retd.), CMD, GRSE said, "Our association with Naval Group of France aims to set a new bench mark in capitalizing export market in the Indo Pacific region. The partnership will set a new ground for surface shipbuilding using design and technology assistance from Naval Group. This will not only bring mutual benefit for both the nations but also enable GRSE to deliver surface ships to Friendly Foreign Countries in line with our Hon'ble Prime Minister's vision of 'SAGAR'".
On the occasion of MoU signing, Shri Alain Guillou, SEVP, International Development, Naval Group congratulated the team and said, "This extension of cooperation with GRSE, with whom we had worked for the propulsion system of Kamorta Class ASW Corvettes clearly highlights our long-term investment in India and emphasises the potential of strategic relations between France & India in the Indo-Pacific region".
Shares of Garden Reach Shipbuilders & Engineers Limited was last trading in BSE at Rs. 193.6 as compared to the previous close of Rs. 195. The total number of shares traded during the day was 17892 in over 519 trades.
The stock hit an intraday high of Rs. 196.35 and intraday low of 191. The net turnover during the day was Rs. 3486797.