Key Highlights
- GRSE signs ₹33 crore contract with Ministry of External Affairs for second refit of Seychelles Coast Guard Ship PS Zoroaster.
- The refit project will be executed over a three-month period starting March 2026.
- The contract has been awarded by a domestic government entity.
- The order does not fall under related-party transactions.
- PS Zoroaster was originally built by GRSE and delivered in 2021.
Garden Reach Shipbuilders & Engineers Limited (GRSE) has signed a contract worth approximately ₹33 crore, excluding GST, with the Ministry of External Affairs (MEA), Government of India, for the second refit of the Seychelles Coast Guard Ship PS Zoroaster.
The contract has been disclosed under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements. It has been awarded by a domestic government entity and involves a comprehensive refit of the vessel, with execution scheduled to be completed within three months from the date of signing.
According to the company, the refit work is expected to commence in early March 2026. This marks a repeat engagement for GRSE, which had previously undertaken a short refit of the same vessel in 2024, following its original construction and delivery in 2021.
PS Zoroaster was built by GRSE at its Kolkata shipyard and was handed over to the Seychelles Coast Guard in April 2021. The vessel’s return to India for a second refit reflects continued cooperation between India and Seychelles in the maritime security domain and aligns with India’s broader regional maritime engagement initiatives.
The company clarified that neither the promoter nor promoter group entities have any interest in the awarding authority, and the contract does not fall under related-party transactions. The order is expected to support GRSE’s ship repair and refit operations during the current financial year.