Garden Reach Shipbuilders and Engineers (GRSE), one of India's four defence public sector shipyards, has set a target of ₹1,350 crore turn over for the fiscal year 2017-18, which is 40 per cent more than the actual achievements of the last financial year that ended in March 2017. This information was revealed when GRSE signed a Memorandum of Understanding (MoU), an annual event, with the Ministry of Defence's Department of Defence Production in New Delhi on July 18. The MoU inked happened between India's Defence Production Secretary Ashok Kumar Gupta and GRSE Chairman and Managing Director Rear Admiral V. K. Saxena, a retired naval officer. The MoU details the targets and achievements expected on various MoU performance indicators of the company during 2017-18.
During the current year, the company has planned to spend Rs. 50 crore as capital expenditure for further strengthening the infrastructure facilities, including improving the design capabilities for construction of P-17A frigates for the Indian Navy. As part of the 'Make in India' initiative of the government, GRSE has set a target to develop indigenous capability and infrastructure for the assembly, test and trial of Marine Diesel Engines at its Engine Plant at Ranchi during the current financial year.
Earlier this year, GRSE had agreed with global engine- maker Rolls-Royce to have the final assembly of the MTU Series 4000 engines in India. The 12V and 16V 4000 M90 type en