GRSE signs agreements with international companies for medium-speed engines and hydrogen fuel cell ferries

Garden Reach Shipbuilders and Engineers (GRSE), a defence shipbuilder, announced that it has signed non-binding Memorandums of Understanding (MoUs) with overseas firms for the development of a hydrogen fuel cell ferry and the sale and maintenance of medium-speed engines, primarily for the Indian Navy and the Indian Coast Guard. Two secret non-binding MoUs were signed by GRSE during the Defence and Security Equipment International (DSEI) Exhibition in London, according to the company's correspondence with the stock exchanges.

The Kolkata-based shipbuilder has signed a memorandum of understanding (MoU) with Caterpillar Inc. for a prospective partnership in the production, sale, and service of medium-speed engines, primarily for the Indian Navy and the Indian Coast Guard. It has also inked an MOU with Lloyd's Register for the development of a hydrogen fuel cell ferry. This action is a part of India's revolutionary initiatives to promote environmentally friendly and economically viable alternative fuels.

In accordance with the Global Maritime Green Transitions effort, Union Minister for Ports, Shipping, and Waterways Sarbananda Sonowal recently disclosed the government's proposal to create hydrogen-fueled electric vessels in collaboration with Cochin Shipyard Limited and The Energy and Resources Institute.

In an effort to diversify, GRSE has also signed a Memorandum of Understanding with the DEMPO Group to build commercial ships at three of its top shipyards in Goa and Bhavnagar. After setting the bar for public-private partnerships in India's warship-building industry, this is GRSE's first significant entry into the commercial shipbuilding industry.

For the first quarter ending in June 2023, GRSE recorded its best-ever quarterly profit of Rs 77 crore, or 54% more than the equivalent quarter the year before. The operational income totaled Rs 756 crore.