GRSE pays Rs 53.22 crore dividend to government for 2015-16

State run ship building and heavy engineering company Garden Reach Shipbuilders & Engineers (GRSE) Ltd on Wednesday paid Rs 53.22 crore dividend to the government for fiscal 2015-16, an official statement said.

The mini-Ratna defence PSU has been paying record dividend to the government since 1993-94.

A cheque for Rs 53.22 crore towards dividend for the financial year 2015-16 was handed over to Defence Minister Manohar Parrikar by GRSE Chairman & Managing Director, Rear Admiral A.K. Verma (retd.) for the 23rd consecutive year, the statement said.

During 2015-16, the company clocked an all-time high turnover of Rs 1,707 crore as against Rs. 1,612 crore in the previous year.

The turnover of the company, which was Rs 574 crore in 2007-08, had almost trebled to Rs 1,707 crore in 2015-16.

The net worth of GRSE has increased to Rs 1,064 crore from Rs 968 crore in the previous year, it said.

The ship-maker has so far delivered 98 warships to the armed forces and with two more ships almost ready for delivery, it is poised to become the first shipyard in the country to build 100 warships.

It has built the first ever export warship CGS 'Barracuda' for Mauritius.

--IANS

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