GRSE Signs Key MoUs at Bhavnagar to Boost India’s Shipbuilding Vision
Bhavnagar witnessed a landmark moment for India’s maritime sector as Prime Minister Shri Narendra Modi launched the “Samudra Se Samriddhi” Mission, setting the stage for ambitious growth in shipbuilding. At the event, Garden Reach Shipbuilders & Engineers Ltd. (GRSE), one of the country’s oldest and most prestigious shipyards, signed a series of agreements that signal a renewed push towards self-reliance and global competitiveness in the maritime industry.
Cmde PR Hari, IN (Retd.), Chairman and Managing Director of GRSE, underscored the company’s commitment to India’s long-term vision of becoming one of the world’s top five shipbuilding nations by 2047. He described the collaborations as a crucial step in creating a strong and sustainable ecosystem where government authorities, public sector undertakings, and private players come together to drive innovation and growth. Hari noted that the agreements were aligned with the government’s twin visions of Aatmanirbhar Bharat and Maritime Amritkal, both of which emphasize self-reliance, technological advancement, and global leadership in shipping.
The Memoranda of Understanding (MoUs) were signed on behalf of GRSE by Cmde A Vinith, IN (Retd.), Chief General Manager, with five strategic partners: Deendayal Port Authority (DPA) in Kandla, Syama Prasad Mookerjee Port Authority (SMPA) in Kolkata, Indian Port Rail & Ropeway Corporation Limited (IPRCL), The Shipping Corporation of India (SCI), and Modest Infrastructure Private Limited (MIPL). These agreements are expected to lay the foundation for a wide array of collaborative projects that span both shipbuilding and port-related infrastructure.
Under the new framework, the partners will work together on constructing advanced vessels, including green and low-emission ships, to meet evolving environmental standards and global demand. The agreements also cover ship repair, the development of green tugs, and the maintenance of port facilities. In addition, the collaborations will focus on building critical infrastructure such as jetties and berths, while also enhancing multimodal logistics and last-mile connectivity, areas seen as vital for reducing costs and improving efficiency in India’s maritime trade. By addressing these diverse aspects of the industry, the partnerships are expected to create solutions that are both sustainable and competitive at the global level.
The mission holds particular significance for GRSE, a company that has been at the heart of India’s shipbuilding journey for over a century. Founded in 1884 as a small workshop, the company was nationalised in 1960 and became a Defence Public Sector Undertaking. GRSE has the distinction of being the first Indian shipyard to build a warship for the Indian Navy, a milestone that paved the way for indigenous naval construction. Since then, it has delivered more than 800 platforms, including 114 warships—the highest number by any Indian shipyard.
Beyond its core business of warship construction, GRSE has diversified into other sectors such as engineering and heavy equipment. It manufactures prefabricated steel bridges and marine diesel engines, further broadening its industrial footprint. With four shipyards under its command, the company currently has the capacity to build up to 28 ships simultaneously, a scale of operations that places it among the most capable shipyards in the region.
The company’s performance in recent years reflects this growth momentum. In FY25, revenue from operations surged to ₹5,076 crore, a 41 per cent increase from the previous year’s ₹3,593 crore. Profit After Tax (PAT) also recorded an impressive jump of 48 per cent, rising to ₹527 crore from ₹357 crore in FY24. These results underline both the company’s operational efficiency and its expanding order book. As of June 30, 2025, GRSE’s order book stood at ₹21,700 crore, ensuring a healthy pipeline of projects for the coming years.
The government continues to retain a significant stake in the company, with the President of India holding 8,53,41,240 shares, or 74.50 per cent, as of June 2025. Meanwhile, investors have also shown growing confidence in the shipbuilder. GRSE’s stock has delivered multibagger returns, rising 134 per cent from its 52-week low and soaring by 1,475 per cent over the last five years, reflecting strong market faith in the company’s future prospects.
The MoUs signed at Bhavnagar are expected to provide further momentum to GRSE’s growth trajectory while strengthening India’s maritime ambitions. With a focus on green technologies, infrastructure development, and global competitiveness, the collaborations set the stage for a new chapter in the country’s shipbuilding journey. As the “Samudra Se Samriddhi” Mission takes shape, GRSE’s initiatives stand as a testament to the possibilities of combining tradition, innovation, and strategic partnerships to transform India into a shipbuilding powerhouse by the centenary of independence in 2047.
Author: shipping inbox
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