State-owned shipyard posts profit of Rs 324 M

Monday, 28 October 2002, 08:00 Hrs
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NEW DELHI: State-owned Garden Reach Shipbuilders and Engineers (GRSE), one of India's largest shipyards, has posted a profit of 323.7 million for fiscal 2001-02.

The GRSE, which delivered several patrol vessels and hovercraft to the Indian Navy and Coast Guard in 2001-02, has drawn up a modernisation programme to improve productivity as well as delivery schedules for various warships currently being constructed by it.

The GRSE, one of three major state-owned shipyards, plans to introduce modern shipbuilding techniques to bring down costs and a voluntary retirement scheme to reduce surplus manpower, said a defence ministry spokesman.

During 2001-02, GRSE's total production was 4.88 billion.

Rear Admiral Rajeev Parliker, chairman and managing director of GRSE, Monday presented a dividend cheque for 50.9 million to Minister of State for Defence Production Harin Pathak.

GRSE delivered two fast attack craft -- INS Tarasa and INS Tarmugli -- and a corvette, INS Kulish, to the Indian Navy in 2001-02. It also delivered three hovercrafts to the Coast Guard during this period.

The shipyard is expected to deliver a Brahmaputra-class frigate and a Kulish-class corvette to the navy by mid-2003.

GRSE also expects to begin deliveries of three large amphibious landing ships, ordered by the navy last year, by mid-2005.
Source: IANS
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