Bangladesh cancels $21 million contract with Kolkata based defence PSU GRSE
The Government of Bangladesh has cancelled a $21 million contract for construction of an 'Advanced Ocean-Going Tug' with Kolkata based Garden Reach Shipbuilders and Engineers Ltd, a public service undertaking under the Ministry of Defence.
The decision comes soon after India's announcement of withdrawing the transshipment facility to Bangladesh for export of its cargo to third countries.
In an information submitted by the company to National Stock Exchange of India Ltd and BSE Ltd under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the defence PSU on May 21 stated that Government of the People's Republic of Bangladesh has cancelled the order. GRSE had bagged the order 01 Jul 2024, for construction of the ocean-going tug.
A press statement by the GRSE said that the cancellation was on expected lines this order though would not have impact on GRSE's finances.
'Meanwhile, on anticipated lines, the order for an Ocean-Going Tug for Bangladesh stands cancelled based on mutual discussions between GRSE and the Customer. This order though would not have impact on GRSE's finances as the order is worth only US$ 2l million approximately Rs (79.75 crore) and would have contributed a mere 0.8% to GRSE's existing order book of Rs 22,680.75 crore as on March 3l, 2025,' a press statement by the GRSE said. The development reflects the strain in the India Bangladesh ties and is one of the series of developments since the fall of Sheikh Hasina regime in the neighbouring countries since August 2024.
GRSE, in a press statement on May 22 also added that it has emerged as the lowest bidder (L1) for the construction of Next Generation Corvettes (NGC) for the Indian Navy. 'GRSE is the only Indian shipyard to have delivered 111 warships to the country's maritime forces & friendly foreign nations, including 06 Missile Corvettes ( Khukri & Kora Class) and 04 ASW Corvettes (Kamorta Class),' the statement added.
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