Latest news with #GardenReachShipbuildersandEngineersLtd
Mint
5 days ago
- Business
- Mint
State-run GRSE inks ship building deals with German firm
New Delhi: State-run defence manufacturer Garden Reach Shipbuilders and Engineers Ltd (GRSE) has tied up with Germany's Carsten Rehder Schiffsmakler und Rehder GmbH & Co. KG, for building four vessels, the ports, shipping and waterways ministry said on Thursday. The deal for building four 7,500-deadweight tonnage (DWT) vessels was signed in Oslo on 4 June in the presence of Union ports, shipping and waterways minister Sarbananda Sonowal, the statement said. These vessels will have hybrid propulsion and will be adhering to the latest cyber security norms. This is in addition to an existing order for eight such vessels currently being built at GRSE's Kolkata yard. GRSE also signed deals with UAE-based Aries Marine LLC for building offshore platforms and vessels. This move is expected to help modernize port facilities, improve multimodal logistics, and enable port-led industrial growth, said Sonowal. Another deal was signed between India's Larsen & Toubro (L&T) group and Norway's DNV for collaboration in areas including shipbuilding, said the statement. Speaking on the occasion, Sonowal said, 'As two proud maritime nations with extensive coastlines and rich oceanic traditions, we understand that the future of the blue economy hinges not just on development—but on sustainable, inclusive, and resilient growth. It gives me immense pleasure that many Indian companies are signing MoUs including those from Norway, further deepening our commitment to collaborate in maritime sector.' Sonowal added, 'Our governments are also working closely on green shipping corridors, decarbonization efforts, ship recycling, and capacity building. The India-Norway Task Force on Blue Economy stands as a cornerstone of this deepening engagement.' Mint reported on 29 April that the expenditure finance committee had cleared a ₹ 25,000-crore Maritime Development Fund for FY26, a project to lend long-term, low-cost financial support for indigenous ship-building and other blue water infrastructure projects. On 5 June, GRSE shares opened at ₹ 3,399, up from the previous close of ₹ 3,358.50, and surged 4.80% to reach a record high of ₹ 3,520.
Express Tribune
24-05-2025
- Business
- Express Tribune
Bangladesh cancels $21m defence contract with India's GRSE
The textile industry would be temporarily affected by the move, said Rakibul Alam Chowdhury of the Bangladesh Garment Manufacturers and Exporters Association. PHOTO: FILE Listen to article Bangladesh has cancelled a $21 million defence contract with India's state-owned Garden Reach Shipbuilders and Engineers Ltd (GRSE), amid growing strain in bilateral relations. The contract, awarded in July 2024, was for an advanced ocean-going tug for the Bangladesh Navy, a vessel designed for deep-sea towing and salvage missions. GRSE, a public sector unit under India's Ministry of Defence, confirmed the cancellation in a stock exchange filing on May 21. According to The Hindu, GRSE stated that the cancellation was anticipated and followed 'mutual discussions' with the Bangladesh government. The company added that the financial impact would be negligible, as the order represented just 0.8% of its ₹22,680.75 crore ($2.7 billion) order book as of March 31, 2025. No official reason was given by Dhaka. However, as reported by Business Standard, analysts view the move as a possible retaliation for New Delhi's recent imposition of import restrictions on Bangladeshi goods. On May 18, India tightened controls at Integrated Check Posts in its northeastern region, affecting shipments of ready-made garments and processed foods. These measures followed India's earlier decision to withdraw a transshipment facility that had enabled Bangladeshi goods to reach third countries via Indian territory. The diplomatic setback comes amid a broader shift in Bangladesh's foreign policy posture following the departure of Sheikh Hasina's administration in August 2024. The ocean-going tug, while modest in budgetary terms, had been a strategic symbol of India-Bangladesh defence cooperation. Its cancellation underscores a deterioration in that relationship. In a press release on May 22, GRSE said it had been selected as the lowest bidder for the Indian Navy's Next Generation Corvette (NGC) programme. The company, based in Kolkata, has delivered 111 warships to Indian maritime forces and friendly foreign navies, including missile and anti-submarine corvettes. India-Bangladesh tensions rise amid trade curbs and political crackdow India-Bangladesh relations have deteriorated in recent months due to escalating trade restrictions and political developments. India has restricted imports of Bangladeshi garments to select ports, impacting exports worth $700 million annually. It has also blocked Bangladeshi consumer goods at 11 northeastern land ports and ended a key transit facility for Bangladeshi exports to third countries via Indian routes. In response, Bangladesh halted yarn imports from India through land ports in mid-April. Despite being India's largest trading partner in the region during FY24, and India ranking as Bangladesh's second-largest export market, trade ties have cooled sharply. At the same time, Bangladesh's interim government has banned the Awami League—the party of ousted Prime Minister Sheikh Hasina—under anti-terrorism laws, citing security concerns.
The Hindu
24-05-2025
- Business
- The Hindu
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.
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Bangladesh cancels deal with Indian shipbuilding firm amid strained ties
Bangladesh has cancelled a $21 million deal with a Kolkata-based Indian state-run shipbuilding firm for the construction of an advanced ocean-going tugboat amid strained relations between the two sides since Prime Minister Sheikh Hasina's removal from power last year. The move comes days after India on Saturday restricted imports of ready-made garments from Bangladesh only to Kolkata and Nhava Sheva ports. The Garden Reach Shipbuilders and Engineers Ltd (GRSE) signed a contract for the tugboat with the Bangladesh Navy in July 2024, a month before Hasina was ousted from power. The GRSE wrote a letter to the National Stock Exchange of India Limited about the contract cancellation. '...In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the 'SEBI Listing Regulations'), we wish to inform you that the Government of the People's Republic of Bangladesh has cancelled the order,' said the company on Wednesday in an exchange filing. The contract was signed as India and Bangladesh agreed to strengthen defence cooperation with a long-term perspective during Hasina's visit to India in June 2024. The deal with the GRSE for an 800-tonne ocean-going tugboat was the first major contract under India's $500 million line of credit for defence purchases. New Delhi this month barred imports of Bangladeshi consumer goods through 11 land border posts in the northeast. This restriction was expected to impact Bangladesh's annual ready-made garments exports to India, worth about $700 million. As many as 93% of these goods were exported through land ports In April, India ended an arrangement for the transshipment of Bangladeshi export cargo to third countries via Indian airports and ports. Bangladesh stopped yarn exports from India through land ports on April 13. Bangladesh was India's biggest trading partner in the subcontinent in FY24. India was Bangladesh's second-largest export partner, accounting for 12% of total exports. India's exports to Bangladesh were worth $11.06 billion in FY24. The imports from Bangladesh stood at $1.8 billion during the same period. Bangladesh interim government head Muhammad Yunus's remarks, appearing to leverage the geographical isolation of India's northeastern states while seeking Chinese investments, strained the relationship further. Yunus said India's landlocked northeast, sharing a nearly 1,600-km border with Bangladesh, has no way to reach the ocean except through his country, and added this opens up a huge possibility of an extension of the Chinese economy.
