GRSE eyeing Navratna status in 2-3 years

Flush with orders from the Navy, defence PSU Garden Reach Shipbuilders and Engineers Ltd (GRSE) is eyeing the elite 'Navratna' status in the next 2-3 years.
"We have sought the status of schedule A category of public sector unit. We'll get it may be within a year or so. And after that we'll apply for getting upgraded to Navratna status. Given our growth and potential market, we are hoping that after another two years we'll get the status," GRSE's Chairman and Managing Director Rear Admiral A K Verma said.
Among the leading shipyards of the country, the Kolkata-based company was awarded 'Mini Ratna - Category 1' status in 2006.

During the year 2014-15, GRSE has achieved the highest ever turnover of Rs 1,665 crore (provisional figures).
"In the next year we are targeting a Rs 2,000 crore turn over and in the next five years the figure should touch Rs 3,000 crore," Verma said adding that the company had seen a growth rate of over 300 per cent in its business in the last few years following the success of its major modernisation programme.
Under project P-17A, the shipyard had recently bagged its biggest order of building three advanced stealth frigates for Rs 20,000 crore from the Indian Navy.

In the last financial year, GRSE also became the first Indian shipyard to export a warship. Offshore patrol vessel 'CGS Barracuda' was delivered to Mauritius last December.
On the export front, it was getting lot of enquiries including from Philippines Navy and Bangladesh Navy to build warships.
Under its modernisation initiative, GRSE was revamping old workshops and Fitting Out Jetty unit at an estimated cost of Rs 40-50 crore, officials said.