GRSE Secures Rs10,320.7 Million Contract From ONGC
The order is with a domestic entity and the work comprises construction and delivery of the four vessels from GRSE facilities. The company indicated that the project is to be completed within 48 months from the date of the notification of award. GRSE stated that neither the promoter nor the promoter group or group companies have any interest in the awarding entity and that the contract does not constitute a related party transaction.
The disclosure was made under Regulation 30 of the Listing Obligations and Disclosure Requirements and filed with the National Stock Exchange of India and BSE Limited. The notification of award specifies the project scope as construction of four PSVs and lists the contract value and timeframe without additional commercial detail. The award reflects a domestic procurement by ONGC for vessels designed to support offshore operations.
The company secretary and compliance officer, Sandeep Mahapatra, signed the filing on behalf of the company for record purposes. The contract value is presented in million (mn) on first mention and will be referenced using the abbreviation thereafter. Market implications and operational scheduling will follow as the project advances within the defined execution period.
Project execution will take place at the company's shipyard facilities with project management teams overseeing construction and delivery. The 48 month timeframe encompasses design finalisation, fabrication, trials and handover milestones in accordance with contractual terms. The filing will remain on record with the exchanges and investors will be apprised through subsequent disclosures as the project progresses.