Garden Reach Shipbuilders Clinches Mega Navy Deal: Set to Build Next-Gen Corvettes

Image Source: Moneycontrol

Garden Reach Shipbuilders & Engineers (GRSE) has emerged as the lowest bidder for the Indian Navy’s prestigious Next Generation Corvette (NGC) program, securing a contract to construct five advanced warships valued at over ₹250 billion. This landmark win marks a significant leap for India’s indigenous shipbuilding capabilities and cements GRSE’s status as a leading defense manufacturer.

Key Highlights:

Major Contract Secured: GRSE will be awarded the contract to build five out of eight Next Generation Corvettes for the Indian Navy, with the deal’s value expected to exceed ₹250 billion.
Competitive Bidding: The NGC project saw intense competition from top Indian shipyards, including Mazagon Dock Shipbuilders, Larsen & Toubro, and others. The contract structure awards five ships to the lowest bidder (GRSE), while the next three will go to the second-lowest bidder at the same unit price.
Boost to Order Book: With this contract, GRSE’s order book is set to cross ₹250 billion, ensuring robust revenue visibility and growth momentum for the coming years.
Strategic Importance: The NGCs will feature state-of-the-art technology and multi-role capabilities, strengthening the Indian Navy’s coastal and blue-water operations. The project aligns with India’s Maritime Vision 2030 and the government’s push for self-reliance in defense manufacturing.
Industry Impact: This win reinforces GRSE’s reputation for quality, timely delivery, and innovation in warship construction, positioning it as a dependable partner for both domestic and international defense projects.

This milestone not only elevates GRSE’s profile but also marks a significant stride in India’s journey toward naval modernization and indigenous defense production.

Sources: IDRW.org, NDTV Profit, HDFC Securities