NEW DELHI: The Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) on Thursday won the contract to construct the Indian Navy's Next Generation Corvettes (NGC) as it emerged as the lowest bidder (L1) in a bidding process. Meanwhile, an order of around 180 crore from Bangladesh stands cancelled.
The GRSE in a statement said, "The shipyard participated in the competitive bidding process and has emerged as lowest bidder. GRSE will thus be awarded the contract to build five (05) Next Generation Corvettes at an estimated cost of approximately Rs 25,000 crore."
As per GRSE, "These Next-Generation Corvettes shall be capable of fulfilling the roles of Offensive SSM attack, Anti-Missile Defence, Surface Action Groups for Maritime Strikes, ASW and many other Maritime Operations. The warship will also incorporate Green Warship design features, energy efficient & environment friendly technologies."
GRSE is already building four Next Generation Offshore Patrol Vessels (NGOPV) for the Navy, apart from three Advanced Guided Missile Frigates, eight Anti-Submarine Warfare Shallow Water Crafts of which one has already been delivered to Indian Navy and four Survey Vessels (Large) of which two have been delivered.
GRSE is the only Indian shipyard to have delivered 111 warships to the country's maritime forces and friendly foreign nations, including 06 Missile Corvettes (Khukri and Kora Class) and 04 ASW Corvettes (Kamorta Class).
Stating about the cancellation of Bangladesh's order, The GRSE said, "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 USD 21 million (approximately Rs 179.75 crore) and would have contributed a mere 0.8% to GRSE's existing order book of Rs 22,680.75 crore as on March 31, 2025." It added.
As per the Chairman and Managing Director Commodore PR Hari (Retd), GRSE is in the process of expanding its global presence in keeping with the Government of India's policy of 'Make in India - Make for World'.
"With our expertise in building state-of-the-art warships for the Indian Navy and Indian Coast Guard, we are now aggressively pursuing business opportunities for naval platforms in friendly foreign countries. Warships built by GRSE have already been exported to friendly foreign nations. At the same time, GRSE is keen to bag international orders for commercial platforms," his message reads on the Shipyards website.