Shipbuilding and defence PSU Garden Reach Shipbuilders & Engineers (GRSE) has been upgrade from Schedule ‘B’ to Schedule ‘A’ CPSE by the Government, on September 18.
"It will be the 77th schedule ‘A’ amongst the CPSE with annual turn over of Rs 3592 cr & net profit of Rs 357 cr for FY 2023-24," said Department of Public Enterprises.
GRSE said the decision is a 'significant milestone', reflecting 'robust financial performance, operational efficiency, and contribution to national security.' The upgrade will enable GRSE to enhance senior management capacity, and allow it to more effectively oversee and manage business, said the company.
Shares of GRSE ended a percent lower on September 18 near Rs 1700 level.
The shipbuilder also informed exchanges about an order for construction of additional four multi-purpose vessels from German shipping company Carsten Rehder Schiffsmakler, worth $54 million, taking the total order to eight vessels. The vessels are to be delivered within 33 months from the signing of contract.
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