Garden Reach Shipbuilders & Engineers Ltd. (GRSE) has announced that it has received a Letter of Intent (LoI) from the Naval Physical & Oceanographic Laboratory (NPOL), under the Ministry of Defence, for the design, development, construction, and delivery of one Acoustic Research Ship (ARS). Contract Value is approximately ₹491 crore.
The project involves design, construction, certification, commissioning and supply of the acoustic research ship. It is to be executed within 36 months from the signing of contract, the filing added.
The project is considered a domestic order, and no involvement from promoter groups or related parties has been indicated. The detailed contract is still under finalization and will be signed in due course, with further updates to be provided to the stock exchanges after signing.
This development marks a significant step for GRSE, further solidifying its position in shipbuilding for India’s defense sector.
