The order involves the design, construction, and delivery of the vessels and must be completed within 36 months from the signing of the contract.

The order will not be classified as a related party transaction, as none of the promoters, promoter groups, or group companies have any interest in the entity that awarded the order(s)/contract, it added.

State-run GRSE is engaged in building warships and other vessels for the Indian Navy and Indian Coast Guard. It has also diversified into an engineering business with a product profile of prefabricated steel bridges, various deck machinery items, and assembly, as well as testing & overhauling of marine diesel engines. As of 31 December 2024, the Government of India holds 74.50% in the company.

The company's net profit climbed 11.26% to Rs 98.19 crore on a 37.69% rise in revenue from operations to Rs 1,271 crore in Q3 FY25 over Q3 FY24.

Shares of Garden Reach Shipbuilders & Engineers (GRSE) fell 2.75% to Rs 1,521.25 on the BSE.