Kolkata-based shipbuilder Garden Reach Shipbuilders and Engineers (GRSE) has made significant strides towards the development of innovative and green energy technologies. During the Defense and Security Equipment International (DSEI) Exhibition in London, GRSE signed two non-binding Memorandums of Understanding (MoUs) with foreign companies. The first MoU was signed with Lloyd's Register, a UK-based maritime services company, for the development of a hydrogen fuel cell ferry. This initiative aligns with India's commitment to promoting sustainable and cost-effective alternative fuels, as part of the nation's transformative efforts in the field of new green energy technologies.

The second MoU was signed with Caterpillar Inc, a renowned US-based company, for a potential collaboration in the production, sale, and service of medium-speed engines. The collaboration specifically aims to cater to the Indian Navy and the Indian Coast Guard, strengthening India's maritime capabilities. This strategic move by GRSE highlights the company's commitment to diversification and exploring new avenues within the shipbuilding industry. In addition to these agreements, GRSE also entered into an MoU with the DEMPO Group to construct commercial vessels at its premier shipyards in Goa and Bhavnagar. This marks GRSE's expansion into the commercial shipbuilding sector, following its successful ventures in the warship building sector in India.

GRSE's progress in the field of green energy technologies and its foray into commercial shipbuilding comes at a time when the government is actively promoting the use of hydrogen-fueled electric vessels. Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, recently unveiled the government's plan to build these vessels in collaboration with Cochin Shipyard Limited and The Energy and Resources Institute. GRSE has already begun working on a zero-emission passenger ferry, which will serve as a prototype for future green vessels operating on the river Hooghly.

The participation of GRSE, along with four other Defense Public Sector Undertakings, in the India Pavilion of the DSEI exhibition underscores India's growing prominence in the global defense and security sector. The exhibition provides an essential platform for armed forces worldwide to connect with equipment manufacturers, facilitating the exchange of ideas, technologies, and partnerships. The inauguration of the India Pavilion by India's High Commissioner to the UK, Shri Vikram Doraiswami, further highlights the close ties between the UK and India. This sentiment was reinforced by the visit of James Cartlidge, UK's Minister of State for Defense Procurement, and D Johnson, UK's Minister of State for Investment, to the India Pavilion.

The presence of these dignitaries and senior management of global Original Equipment Manufacturers (OEMs) offered GRSE and other Indian companies an opportunity to establish valuable connections and attract customers beyond national borders. GRSE's recent achievements also coincide with its strong financial performance, as the company reported its best-ever quarterly profit of Rs 77 crore for the first quarter ending June 2023. This represents a substantial 54 percent increase compared to the corresponding quarter of the previous year. Additionally, GRSE generated a revenue of Rs 756 crore from its operations during this period. Through these collaborations and advancements, GRSE has positioned itself as a frontrunner in the development of green energy technologies and the production of high-quality marine engines. With its successful track record in the defense and shipbuilding sectors, GRSE continues to contribute significantly to India's maritime capabilities and promote sustainable practices within the industry.