Navratna PSU Garden Reach Shipbuilders & Engineering (GRSE) inked two separate memorandum of understanding (MoUs) at the SMM Hamburg Maritime Trade Fair in Germany on September 2.
The first MoU, signed with the Norway-based firm Det Norske Veritas (DNV), will focus on scaling up the PSU’s capabilities, while the second partnership will establish technical and business collaborations.
Following the announcement of these partnerships, its share price rose over 1% in the intraday session.
GRSE-DNV: Focus on digital shipbuilding and technical knowledge
Under the first agreement, GRSE shall deploy its technical know-how in warship design, shipbuilding and marine engineering with DNV’s global capabilities to focus on areas like digital shipbuilding, skill development, etc. The key areas of collaboration include:
- Advanced warships and specialised vessels
- Green shipping and sustainable technologies
- Digital shipbuilding, AI and Industry 4.0
- Skill development, training and knowledge exchange
“ The partnership is expected to further strengthen GRSE’s capabilities in digitalisation, green technologies and advanced shipbuilding practices, while contributing to India’s ability to undertake technologically sophisticated defence and commercial shipbuilding projects,” the shipbuilding PSU said in its exchange filing.
GRSE-Damen Technical Cooperation B.V: Partnership details
In the SMM Hamburg Summit, GRSE also announced its partnership with Damen Technical Cooperation B.V, a Netherlands-based company. As part of the MoU, both companies shall collaborate on technical and business frameworks to explore the design and construction of advanced dredgers in India.
The focal points of this partnership include:
- Advanced dredger design and technology
- Technical know-how transfer
- Joint design and construction proposals
- Development of indigenous dredger-building capabilities
- Long-term cooperation for future dredging requirements
“ The partnership builds on the existing collaboration between GRSE and Damen, including the 1,000 m³ dredger currently under construction for the Bangladesh Inland Water Transport Authority (BIWTA),” the PSU added.
GRSE share price
GRSE’s share price was up more than 1% in Thursday’s intraday trade. Over the past month, its stock has declined by 2%, while over the past six months, its share price has advanced by nearly 8%.