October had begun on a sombre note for GRSE as the company had to extend it’s IPO for 3 days before it was fully subscribed on the sixth day of sale. The good news came by the end of the month. The defence PSU
bagged a contract worth Rs. 2435.15 crore in the competitive bidding for design, construction and supply of four Survey Vessels for Indian Navy. Garden Reach Shipbuilders emerged as the lowest bidder winning over three other defence PSU Shipyards GSL, HSL, CSL and two Indian private shipyards. The RFP was issued by Indian Navy to them in April 2016. The contract was signed on October 30, 2018, between GRSE and Government of India, Ministry of Defence.
Contract With Tighter Deadlines
The timelines for delivery have also been kept pretty tight in this contract. The first ship is to be delivered within 36 months from the contract signing date and subsequent balance ships within an interval of 6 months for each vessel. The project completion time is 54 months from the date of signing the contract. It is important to mention here that GRSE is currently handling a major project to make three Stealth Frigates for Indian Navy under P17A Project.
GRSE’s Order Book Swells Up
With this Navy vessels contract, GRSE’s current Order Book has swelled up
to Rs. 22,604/- crore. In a press statement issued post-signing of the contract GRSE specified “These Survey Vessels (Large) shall be 110m long with deep displacement of 3300 Ton and complement of 231, capable of full scale coastal and deep-water hydro-graphic survey of ports and harbours, approaches and determination of navigational channels/ routes.” In addition, the vessels shall undertake surveys of maritime limits up to EEZ/ extended continental shelf. They shall be deployed for collection of Oceanographic and Geophysical Data for Defence applications. In their secondary role, they shall be capable of performing limited search and rescue, limited ocean research and operate as hospital ship/casualty holding ships.
“These Survey Vessels (Large) shall be 110m long with deep displacement of 3300 Ton and complement of 231, capable of full scale coastal and deep-water hydro-graphic survey of ports and harbors, approaches and determination of navigational channels/ routes.”
The vessels will be equipped with highly advanced state of the art Hydro-graphic Equipment & Sensors including a Hello Hanger to accommodate one Advanced Light Helicopter. Vessels will be built as per Classification Society Rules and Naval Ship Regulations and will conform to the latest MARPOL (Marine Pollution) Standards of the International Maritime Organization (IMO).