Garden Reach to set up ship design facility with French firmApril 3rd, 2009 - 11:37 pm ICT by IANS
Kolkata, April 3 (IANS) The government-owned Garden Reach Shipbuilders and Engineers Ltd (GRSE), will soon set up a three-way joint venture (JV) with French naval shipbuilder Direction des Constructions Navales Services (DCNS) and an Indian information technology (IT) company for a ship designing facility, its chief said here Friday.
“The joint venture will be finalised soon. It will help GRSE to design state-of-the-art ships for naval and commercial use,” K.C. Shekhar, chairman and managing director of GRSE told reporters on the sidelines of a seminar.
However, the official refused to name the Indian IT company, which is also a party to the proposed joint venture company.
Shekhar also did not disclose the total amount of investment, though he said the equity base would be to the tune of Rs.100 million. The three companies would hold less than 50 percent stake each in the JV.
The joint venture would ideally set up a “design centre” in Kolkata spread over a 1,200 square feet area, he said.
Expressing his confidence about DCNS, Shekhar said he is hopeful that the deal would be sealed in two to three months.
DCNS was recently awarded contracts for the transfer of technology to the Indian Navy for the construction of six Scorpene submarines at the Mazagaon Dock Ltd.
The design centre would initially employ about 70-80 design professionals to be scaled up to 200 at a later stage.
GRSE, Shekhar said, is sitting on a current order book position of Rs.70 billion and expects to procure orders worth another Rs.7 billion in fiscal 2009-10.
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