New Delhi: State owned defence shipyard Garden Reach Shipbuilders and Engineers (GRSE) Ltd on Thursday said that it has emerged as the lowest bidder (L1) for the prestigious Next Generation Corvette (NGC) project for the Indian Navy, valued at approximately Rs 25,000 crore.
This development marks a major milestone for GRSE, highlighting its robust shipbuilding capabilities, design excellence, and sound financial and production management. The contract involves the construction of five advanced Next Generation Corvettes, which will be deployed for a variety of critical maritime operations including offensive surface-to-surface missile (SSM) strikes, anti-missile defence, anti-submarine warfare (ASW), and maritime strike operations.
The corvettes will feature state-of-the-art technologies and incorporate green warship design elements, aligning with the Navy’s increasing focus on energy efficiency and environmentally sustainable operations.
GRSE is the only Indian shipyard to have delivered 111 warships to India’s maritime forces and friendly foreign nations. Its portfolio includes six missile corvettes (Khukri and Kora class) and four ASW corvettes (Kamorta class). Currently, the shipyard is executing multiple key defence projects, including four Next Generation Offshore Patrol Vessels (NGOPVs), three advanced guided missile frigates, eight ASW shallow water crafts (with one already delivered), and four survey vessels (large), two of which have been handed over to the Navy.
In a separate development, GRSE confirmed that the contract for an ocean-going tug for Bangladesh has been mutually cancelled. The cancellation, however, is expected to have negligible impact on the shipyard’s financials, as the $21 million (approximately Rs 179.75 crore) order accounted for just 0.8 percent of GRSE’s total order book of Rs 22,680.75 crore as of March 31, 2025.
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