National Defence Bureau,
New Delhi, 18 July 2017
A Memorandum of Understanding (MoU) was signed between Secretary (Defence Production) Shri 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 ₹ 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 ₹ 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.
Shailesh Kumar is an independent journalist with over 15 years of experience in crime, political and defence reporting for leading media brands including Star News, India TV and NewsX. He is the founder editor of defence and security news portal, National Defence.