Inauguration of GRSE KPDD Unit, Kolkata

Towards development & utilisation of three existing dry docks of Khidderpore as part of the Concession Agreement signed with Syama Prasad Mookerjee Port Kolkata (SMPK), Garden Reach Shipbuilders and Engineers Limited (GRSE), a Mini Ratna Category 1 Defence PSU and a leading warship building company of India and SMPK today jointly inaugurated the GRSE-KPDD (Khidderpore Dry Dock) Unit in Kolkata. The facility was inaugurated in the august presence of Rear Admiral VK Saxena, IN (Retd.), Chairman & Managing Director, GRSE and Shri Vinit Kumar, IRSEE, Chairman, SMPK and senior officials of GRSE & SMPK.

Under the agreement, both GRSE & SMPK shall look forward towards developing a dynamic partnership in exploring new business opportunities in Ship repair & refit of Defence & commercial segments, leading to revenue generation and contributing to skill development, infrastructure upgrade and employment generation in Kolkata.

On the occasion Rear Admiral VK Saxena, Chairman and Managing Director, GRSE, said, "As part of the investment promotional activity of maritime India, this agreement aims to play a significant role towards growth plans for both the organisations and effective utilisation of the three existing docks at SMPK. The close proximity of GRSE with SMPK is an enhancer to the successful take off of this project as approximately 400 vessels operate in the Hooghly river and on the Indo-Bangladesh shipping route. Also, authorities handling smaller vessels may prefer to have dry docks in close proximity of their operational area. GRSE's proven expertise in carrying out construction, conversion and repair of over 4000 Naval & Merchant vessels during Second World War and building 788 platforms including 107 warships till date are the testimonies to the success of this new collaboration."

Highlighting the importance of newly formed GRSE-KPDD Unit, Shri Vinit Kumar, Chairman, SMPK said, "This collaboration between GRSE and SMPK aims to provide prospects for ship repair business in the eastern region considering large number of inland vessels operating in this shipping route. This alliance also shapes new dimension towards revenue generation, development and perennial relationship with SMPK and GRSE's expertise in shipbuilding and design arena gives it an edge over other players in the industry."

Earlier in the month of October this year, GRSE & SMPK signed a Concession Agreement to undertake the development & utilisation of the 3 existing Dry Docks of SMPK at Khidderpore, Kolkata. The project envisages upgrading, operating and managing the infrastructural facilities at these docks towards their effective utilization.

Shares of Garden Reach Shipbuilders & Engineers Limited was last trading in BSE at Rs. 235.70 as compared to the previous close of Rs. 220.35. The total number of shares traded during the day was 54254 in over 1475 trades.

The stock hit an intraday high of Rs. 237.40 and intraday low of 223.75. The net turnover during the day was Rs. 12615326.00.

Source : Equity Bulls

Keywords

GardenReachShipbuildersandEngineersLimited INE382Z01011 GRSE Inauguration Khidderpore DryDock