GRSE signs Fresh MoUs with Sweden and Denmark
OSLO : Garden Reach Shipbuilders & Engineers (GRSE) has signed a fresh wave of strategic memorandum of understandings (MoUs) with Sweden and Denmark, aimed at enhancing its marine engineering portfolio and tapping into niche international markets.
In Sweden, GRSE inked an agreement with Berg Propulsion, a global specialist in marine propulsion systems. The partnership will focus on co-developing and manufacturing propulsion equipment, aligning both firms’ technical expertise to support current and upcoming Indian government projects. The move signals GRSE’s intent to deepen its role in high-tech marine components and reflects India’s growing ambitions in self-reliant defence production.
Prior to this, GRSE extended its outreach by signing a MoU with Denmark-based SunStone, a key player in the expedition cruise vessel segment, on June 6. This agreement sets the groundwork for future collaboration in designing and building such vessels, potentially positioning GRSE within a new niche in the global shipbuilding market.
These agreements follow a string of international tie-ups earlier in the week. GRSE signed a MoU with German shipping company Carsten Rehder for the construction of four multi-purpose vessels, an extension of the eight already being built at its Kolkata yard. These new ships will feature hybrid propulsion systems and conform to modern cybersecurity protocols, with a firm contract expected by August 31, 2025.
Additionally, GRSE entered into a partnership with Dubai-based Aries Marine to explore construction opportunities in offshore platforms. A separate MoU with a global engine manufacturer was also inked the same day, underlining the company’s strategic push to expand technical capability and diversify its offerings.
The string of international tie-ups signed by GRSE this week has also kept shares of the defence company upbeat. The stock stuck with its upward trajectory and scaled a record high of Rs 3,532.20 on June 5. Thus far, the stock has skyrocketed over 82% in just the last month.
