Garden Reach Shipbuilders & Engineers Ltd (GRSE) has secured a Rs 4.9 billion order from the Geological Survey of India (GSI) for the design, construction, and delivery of two coastal research vessels. The project is scheduled for completion within 26 months of contract signing.

In a separate development, GRSE signed a Memorandum of Understanding (MoU) on April 8 with SWAN Defence and Heavy Industries Ltd to strengthen indigenous capabilities in commercial shipbuilding. The partnership will focus on building commercial vessels and offshore structures for both domestic and international markets.

Last month, the company also entered into an MoU with the Public Works Department (PWD) of Nagaland for the supply of eight Double Lane Modular Steel bridges across the state. This marks GRSE’s first collaboration with a North-Eastern state. The value of the agreement has not been disclosed.

As of April 9, shares of GRSE were trading 3.21 per cent lower at Rs 1,515.60 on the BSE.