Garden Reach Shipbuilders and Engineers has signed a contract for the fifth of eight multi-purpose export vessels. The company shared the news in a post on X (formerly Twitter).
What Happened: The Kolkata-based shipbuilding company announced on Thursday, that it has entered into an agreement with Carsten Rehder Schiffsmakler and Reederei GmbH & Co. KG Germany for the construction and delivery of a fifth Multi-purpose vessel (MPV) of 7,500 DWT (deadweight tonnage).
The contract is part of an ‘Option Agreement’ for the procurement of four additional MPVs from GRSE, bringing the total order to eight vessels.
See Also: Top 10 Richest People In India Right Now
The MPVs, each 120 metres long and 17 metres wide, are designed to carry multiple large windmill blades on deck and can accommodate bulk, general and project cargoes.
This development comes on the heels of GRSE’s recent upgrade from ‘Schedule B’ to ‘Schedule A’ Central Public Sector Enterprise (CPSE) by the Government of India, a significant milestone reflecting its robust financial performance and operational efficiency.
Read Next: Analysts Think Worst Is Yet To Come For Tata Motors, Shares Could Sink To ₹880
Engineered by Benzinga Neuro, Edited by Utkarsh Roshan
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.