In a groundbreaking move, the renowned defense shipbuilder, Garden Reach Shipbuilders and Engineers (GRSE), announced on Wednesday that it has inked non-binding Memorandums of Understanding (MoUs) with international firms to spearhead the development of a cutting-edge hydrogen fuel cell ferry and facilitate the sale and servicing of medium-speed engines. These ventures are specifically tailored to cater to the needs of the Indian Navy and the Indian Coast Guard.
The strategic agreements were unveiled by GRSE during its participation at the prestigious Defense and Security Equipment International (DSEI) Exhibition held in London, and they remain shrouded in confidentiality, underlining their significance.
GRSE’s landmark agreements include a MoU with Lloyd’s Register, focused on the collaborative creation of a hydrogen fuel cell ferry. Additionally, a promising partnership has been forged with Caterpillar Inc., with the intention of co-manufacturing, selling, and servicing medium-speed engines, with a particular emphasis on the Indian Navy and the Indian Coast Guard.
These initiatives align closely with India’s resolute commitment to explore innovative and environmentally sustainable energy technologies, promoting the adoption of cost-effective alternative fuels.
Union Minister for Ports, Shipping and Waterways, Sarbananda Sonowal, recently unveiled an ambitious government blueprint to construct hydrogen-fueled electric vessels. This initiative harmonizes with the Global Maritime Green Transitions campaign, and it is being carried out in collaboration with Cochin Shipyard Limited and The Energy and Resources Institute.
In an effort to diversify its operations, GRSE has also inked a MoU with the DEMPO Group. This collaboration aims to construct commercial vessels at three prestigious shipyards situated in Goa and Bhavnagar. Notably, this marks GRSE’s first significant venture into commercial shipbuilding after its pioneering contributions in the public-private partnership landscape within India’s warship building sector.
GRSE’s latest financial report reveals a remarkable achievement, boasting its best-ever quarterly profit of Rs 77 crore for the first quarter ending June 2023. This figure represents an impressive 54 percent increase compared to the corresponding quarter in the previous year. The revenue from operations during this period amounted to a substantial Rs 756 crore.