GRSE takes over Rajabagan Dockyard

KOLKATA: Garden Reach Shipbuilders and Engineers Ltd (GRSE) has acquired the Rajabagan Dockyard (RBD), a shipyard of the Central Inland Water Transport Corporation Ltd, making it the country's largest defence shipbuilder.

An agreement for the takeover was signed between GRSE Chairman and Managing Director Rear Admiral T S Ganeshan and CIWTC Managing Director Praful Tayal.

"With the takeover, the annual turnover of GRSE would jump sharply to around Rs 3500 crore in 2006-07 from Rs 2,000 crore at present," official sources said today.

The capacity of GRSE would multiply to fully meet the requirements of the Navy and Coast Guard after the acquisition of RBD with its dry docks, shipways and other shipbuilding facilities, the sources said.

The Rajabagan Shipyard, which built non-military vessels, would henceforth be used to construct ships for the defence sector, they said.

Though financial details were not disclosed by the company, it said the entire funding had been done from internal accruals.