Garden Reach Shipbuilders and Engineers Ltd signs MOU to build Green Electric Tugs

In a major move towards achieving India's goal towards becoming the 'Global Hub for Green Shipbuilding' by 2030, Garden Reach Shipbuilders and Engineers (GRSE) Ltd - one of India's premier defence shipyards - signed a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) on Wednesday, November 22, 2023, to develop Electric Tugs E-VOLT 50. The EVOLT 50 aims to reduce carbon emissions, improve operational efficiency, and set new benchmarks for performance and environmental sustainability in the tugboat industry.

GRSE which has established itself as a leading defence shipyard in the country, will build the platform based on the design by M/s Seatech with M/s Shift providing the energy storage and ABS would ensure that the construction and design adhere to all applicable regulatory standards, certifying safety, reliability, and compliance.

Highlighting the importance of the MoU, Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE said: "We are excited to be part of this groundbreaking collaboration that combines the expertise of GRSE and three industry-leading organisations. "E-VOLT 50" is a bold step towards a cleaner and greener future for the maritime sector. By utilizing sustainable energy solutions and cutting-edge technology, we aim to redefine the standards of performance, efficiency, and environmental stewardship."

GRSE has already made progress towards the building of green vessels. At the moment, the shipyard is building a zero-emission electric ferry for the Government of West Bengal that will have a capacity of 150 passengers. Once commissioned, this ferry promises to redefine passenger services along the Hooghly and other major rivers.

Shares of Garden Reach Shipbuilders & Engineers Limited was last trading in BSE at Rs. 805.05 as compared to the previous close of Rs. 809.70. The total number of shares traded during the day was 21269 in over 943 trades.

The stock hit an intraday high of Rs. 823.30 and intraday low of 794.00. The net turnover during the day was Rs. 17232237.00.

Source : Equity Bulls

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GardenReachShipbuildersandEngineers INE382Z01011 GRSE MoU GreenElectricTugs