Garden Reach Shipbuilders wins L1 status for Rs 25,000 crore Navy contract
By Aditya Bhagchandani Published on May 22, 2025, 09:31 IST
Garden Reach Shipbuilders & Engineers Ltd (GRSE) has emerged as the lowest bidder (L1) for a major defence contract from the Indian Navy. In a stock exchange filing on May 22, 2025, GRSE announced that it has secured L1 status for the construction of five Next Generation Corvettes (NGCs).
The Ministry of Defence opened commercial bids during a meeting of the Commercial Negotiation Committee (CNC) held in New Delhi on May 21. The contract, estimated at over ₹25,000 crore, is a key component of the Navy's fleet modernization initiative.
This achievement significantly strengthens GRSE's order book and underscores its leadership in the Indian naval shipbuilding segment. The proposed corvettes will enhance India's maritime capabilities with cutting-edge stealth features and weapon systems.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
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