Garden Reach Shipbuilders & Engineers Limited — Updates, 19-11-2024: Press Release

Garden Reach Shipbuilders & Engineers Ltd. has signed a contract with the Government of West Bengal for the design, construction, operation, and maintenance of 13 hybrid electric ferries, valued at approximately ₹226.18 crore (excl. GST). The ferries, to be operated on the River Hooghly, include six twin-deck vessels for 200 passengers each and seven single-deck vessels for 100 passengers each. The project emphasizes environmentally-friendly technology, featuring hybrid propulsion systems that reduce pollution and enhance operational flexibility. With this contract, GRSE reinforces its commitment to sustainable practices and expands its portfolio in the burgeoning green transportation sector. Investors should be aware of the positive market implications stemming from this significant contract, indicative of GRSE's innovative capabilities and alignment with government initiatives towards greener solutions.