A Memorandum of Understanding (MoU) was signed between Secretary (Defence Production) Ashok Kumar Gupta on behalf of the Ministry of Defence and Chairman and Managing Director (CMD), Garden Reach Shipbuilders & Engineers Limited (GRSE) Rear Adm (Retd) VK Saxena, here today. The MoU details the targets and achievements expected on various MoU performance indicators of the company during 2017-18.
The company has targeted to achieve a turnover of Rs. 1350 crore which is about 40 percent more than actual achievements of last financial year (2016-17).
During the current year, the company planned to spend Rs. 50 crore as CAPEX for further strengthening the infrastructure facilities including improving the design capabilities for construction of P-17A ships.
As part of 'Make in India' initiative of the Government, GRSE has set a target to develop Indigenous Capability and Infrastructure for Assembly, Test & Trial of Marine Diesel Engines, at its Engine Plant at Ranchi, during the current financial year.