GRSE signs MoU with Medha Servo Drives Pvt Ltd: One more step towards Aatmanirbharta

In pursuance with its efforts towards developing state-of-the-art indigenous equipment & systems, Garden Reach Shipbuilders and Engineers (GRSE) Ltd. signed a Memorandum of Understanding (MoU) with Hyderabad-based M/s Medha Servo Drives Pvt Ltd on Tuesday, July 30, 2024, for the joint manufacture of advanced electrical/electronic equipment and systems. Such equipment and systems, to be used both on naval and commercial platforms, will be manufactured under the joint brand name of Medha Servo Drives Pvt. Ltd. and GRSE.

The MoU aims to synergise the vast experience and expertise of GRSE in shipbuilding and the integration of sophisticated systems on board vessels, and the extensive technological know-how of Medha Servo Drives Pvt. Ltd. in the field of electrical and electronic equipment. The items covered under the MoU include control and monitoring systems, electrical propulsion systems for marine applications and PGD components.

The MoU was signed by Cmde Rajiv Sreedharan, IN (Retd), CGM (Innovation & New Technology), GRSE and Shri Vishwas Rajendra Moktali, GM (Marketing), Medha Servo Drives Pvt. Ltd., in the presence of Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, Shri RK Dash, Director (Finance), GRSE, Cdr Shantanu Bose, IN(Retd), Director (Shipbuilding), GRSE, DIG Subrato Ghosh, ICG (Retd), Director (Personnel), GRSE, and Senior officials of GRSE & Medha Servo Drives Pvt. Ltd. This tie-up will be a major boost to the Government of India's Atmanirbharta and 'Make in India' initiatives.

GRSE has already delivered a record 109 warships to India's maritime defence forces. While warship building continues to remain GRSE's mainstay, the company is also a pioneer in the field of portable steel bridges. GRSE has also diversified into fields such as ship repairs and refits and the manufacture of 30 mm Naval Surface Guns (NSGs). The shipyard also designs and builds specialised vessels, both for the domestic and international markets. Recently, GRSE signed a contract with the National Centre for Polar & Ocean Research (NCPOR) for the supply of an Ocean Research Vessel. The shipyard is also building a tug and dredger for Bangladesh and at least four multi-purpose vessels for a German company.

Shares of Garden Reach Shipbuilders & Engineers Limited was last trading in BSE at Rs. 2438.10 as compared to the previous close of Rs. 2322.00. The total number of shares traded during the day was 50567 in over 3965 trades.

The stock hit an intraday high of Rs. 2438.10 and intraday low of 2343.35. The net turnover during the day was Rs. 121701324.00.

Source : Equity Bulls

Keywords

GardenReachShipbuildersandEngineers INE382Z01011 GRSE MoU MedhaServoDrives