GRSE confirms signing of MoU with Naval Group for surface ships and manufacturing of Gowind class ships

GRSE said that the "Company has signed a Memorandum of Understanding (MoU) with Naval Group France on 09 Sep 2021."

Sep 15, 2021 01:09 IST India Infoline News Service

Garden Reach Shipbuilders and Engineers have won a contract worth Rs2,435cr from the Ministry of Defence.
The Garden Reach Shipbuilders & Engineers (GRSE) has clarified on reports that claimed that the company had signed a Memorandum of Understanding (MoU) with France-based Naval Group for exploring future business in the field of surface ships. The company has confirmed the development.

In its regulatory filing, on Wednesday, GRSE said that the "Company has signed a Memorandum of Understanding (MoU) with Naval Group France on 09 Sep 2021."

"The MoU is exploratory in nature and likely it comes up in future is only a general understanding between the two parties to explore future business in the field of surface ships and manufacturing of Gowind class ships for export market based on any possible future requirement by using individual capabilities," GRSE added.

Also, GRSE informed that the MoU is not covered with any revenue model which will have any interest/impact on the market.

Further, GRSE said that the said MoU doesn't involve any financial obligations/transactions.

At around 1.49 pm, GRSE was trading at Rs193 per piece up 0.44% on Sensex. The stock was near the day's high of Rs195.10 per piece. 

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