Through this MoU, both entities aim to pool their strengths and resources to drive innovation and excellence in vessel design and development.

The primary objective of the collaboration is to jointly pursue and execute contracts for the development of autonomous and green energy vessels, leveraging the complementary capabilities of GRSE and IRS.

Under the scope of cooperation outlined in the MoU, IRS will provide specialized expertise and guidance towards the development of autonomous and green energy vessels, ensuring compliance with evolving safety standards and regulatory requirements.

GRSE, on the other hand, will benefit from IRS's insights and recommendations in the vessel design and development process, enabling the integration of the latest industry standards and best practices, stated the company.

State-run Garden Reach Shipbuilders & Engineers is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into engineering business with a product profile of pre-fabricated steel bridges, various deck machinery items and assembly, as well as testing & overhauling of marine diesel engines. The Government of India holds 74.50% in the company.

The company posted 38.1% rise in net profit to Rs 88.25 crore in Q3 FY24 from Rs 63.92 crore in Q3 FY23. Revenue from operations increased by 32.1% year-over-year (YoY) to Rs 923.10 crore in the third quarter.