Kolkata: Defence shipbuilder Garden Reach Shipbuilders and Engineers (GRSE) said on Wednesday that it has entered into non-binding MoUs with foreign companies for the development of a hydrogen fuel cell ferry and the sale and service of medium-speed engines, particularly for the Indian Navy and the Indian Coast Guard.
GRSE, in its communication to the bourses, stated that it has signed two non-binding MoUs at the Defense and Security Equipment International (DSEI) Exhibition in London, which are of a confidential nature.
The Kolkata-based shipbuilder has signed a MoU with Lloyd's Register for the development of a hydrogen fuel cell ferry and with Caterpillar Inc for a potential collaboration in the production, sale, and service of medium-speed engines, particularly for the Indian Navy and the Indian Coast Guard.
This move is part of India's transformative efforts in the field of innovative and new green energy technologies, promoting sustainable and cost-effective alternate fuels.
Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal recently unveiled the government's plan to build hydrogen-fueled electric vessels, in line with the Global Maritime Green Transitions initiative, in partnership with Cochin Shipyard Limited and The Energy and Resources Institute (TERI).
In an effort to diversify, GRSE has also entered into a MoU with the DEMPO Group to construct commercial vessels at its three premier shipyards located in Goa and Bhavnagar. This marks GRSE's first extensive foray into commercial shipbuilding after pioneering public-private partnerships in the warship building sector in India.
GRSE reported its best-ever quarterly profit of Rs 77 crore for the first quarter ending June 2023, representing a 54 per cent increase over the corresponding quarter of the previous year. The revenue from operations amounted to Rs 756 crore.