Garden Reach Shipbuilders & Engineers Ltd. became the lowest bidder for the construction of next generation corvettes for the Indian Navy, according to an exchange filing on Thursday.
The lowest bidder will be awarded the contract for five NGC ships at a likely value of more than Rs 25,000 crore, said the filing.
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The development comes after an order worth nearly Rs 180 crore from GRSE was cancelled by the Bangladesh government, as per an exchange filing on Wednesday.
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The company had clocked an order book of Rs 22,680 crore as on March 31, GRSE Chairperson PR Hari said in an analysts call.
The Indian Navy's planned P17 Bravo warship project carries an acceptance of necessity valued at around Rs 70,000 crore, and will be executed by two shipyards. While the request for proposal has not yet been issued, the company expects it to come during the calendar year
Shares of GRSE closed 10.23% higher at Rs 2,756.2 apiece on the NSE compared to a 0.82% decline in the benchmark Nifty. The stock has risen 70.51% on a year-to-date basis and 131.11% in the last 12 months.
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