GRSE, HSL sign MoU to form consortium for shipbuilding programme under Shipping Corporation of India

Garden Reach Shipbuilders and Engineers (GRSE) Ltd and Hindustan Shipyard Limited (HSL) on Monday signed a Memorandum of Understanding (MoU) to form a consortium, in line with the 'Make in India' initiative.

The consortium will be formed to execute a strategically important national shipbuilding programme tendered by the Shipping Corporation of India (SCI).

The MoU was signed in Kolkata by Commander Shantanu Bose, IN (Retd.), Director (Shipbuilding), GRSE; and Captain Ganti Venkateswarlu, IN (Retd.), Officiating Chairman & Managing Director, HSL. Senior officials from both the defence-sector PSUs were also present during the signing.

"The partnership envisages the construction of advanced maritime platforms and is expected to contribute to the enhancement of the country’s maritime infrastructure, technological self-reliance, and long-term operational capabilities," GRSE said in an X post.

"This collaboration is expected to leverage the complementary strengths of both shipyards and further reinforce the national vision of enhancing indigenous maritime capability and self-reliance in shipbuilding," the GRSE added.

This comes after GRSE recently declared that its total income for the quarter under review (Q3 FY26) had jumped by 46 per cent year-on-year to Rs 1,958 crore, from Rs 1,343 crore logged in Q3 FY25.

It added that its revenue from operations had also jumped by 49 per cent year-on-year over the same period—from Rs 1,271 crore in Q3 FY25 to Rs 1,896 crore in Q3 FY26.

"We have delivered five warships so far during the year and are currently executing 10 major shipbuilding projects comprising of 42 platforms. Our other verticals, like Ship Repairs, Portable Steel Bridges and Naval Weapon Systems are also doing well," said Commodore P.R. Hari, IN (Retd.), Chairman and MD, GRSE, as per a Business Standard report.

"With the Next Generation Corvette contract on the anvil, we are confident of ending the current financial year with an orderbook of around Rs 50,000 crore," he added.