Garden Reach Shipbuilders & Engineers signed a contract valued at ₹32,000 crore with the Indian Navy. This agreement covers the construction of five Next Generation Corvettes for the naval force. The company operates under the administrative control of the Ministry of Defence and provides shipbuilding services to the Indian Navy and the Indian Coast Guard.
The project involves building five Next Generation Corvettes to meet specific operational requirements. The company stated that the construction timeline spans 9 years 4 months, starting from the date it receives the first stage payment for the project.
Garden Reach Shipbuilders & Engineers primarily fulfills shipbuilding orders for the Indian Navy and the Indian Coast Guard. The firm functions under the Ministry of Defence, which maintains administrative oversight of its operations and shipbuilding activities.
Based on company and agency reports. For information only; not investment advice.