Please refer our letter No. SECY/GRSE/BD-69/CA/04/25-26 dated 09 Apr 2025, wherein we have communicated about the Receipt of Letter of Award for Construction and Delivery of Two Coastal Research Vessels for the Geological Survey of India. In terms of Regulation 30 and other applicable provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has signed the Contract for Construction of two Coastal Research Vessels (CRVs) for the Geological Survey of India (GSI) on 11 Jun 2025. There has been no change in the Financial Implication of the Order/ Contract.In this regard, the copy of the Press Release is enclosed.
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Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Geological Survey of India (GSI), a Government of India body, to build two Coastal Research Vessels (CRVs). The contract was signed on 11 June 2025, converting the Letter of Award received on 9 April 2025 into a binding agreement, with no change in financial terms. Each vessel will be 64 metres long, 12 metres wide, with about 450 tons deadweight, a 15-day endurance, a top speed of 10 knots, and accommodation for 35 personnel. The CRVs will support offshore geological mapping, mineral exploration, dredging, and ocean environment monitoring, operating within India's Exclusive Economic Zone. GRSE highlighted that it is currently building 16 warships for the Navy, is the lowest bidder for the Navy's Next Generation Corvettes programme (5 vessels), and is also building 8 cargo vessels for a German company.
This confirms a previously announced government order, locking in revenue from a domestic government client and reinforcing GRSE's position as a specialist builder of research platforms. Positive for order book visibility, though the exact contract value was not disclosed, limiting quantification of the earnings impact.