Kolkata: Garden Reach Shipbuilders & Engineers Ltd. (GRSE), one of India’s premier defence shipyards, has been ranked No. 2 in Fortune India’s coveted “100 Emerging Stars” list – a recognition of the company’s remarkable transformation from a traditional defence PSU into a globally competitive, innovation-driven shipbuilder.
In an interview with Fortune India, Cmde P.R. Hari, IN (Retd.), Chairman & Managing Director of GRSE, reflected on the shipyard’s ambitious evolution and future strategy. Quoting Charles Darwin, Mr Hari stated, “It’s not the strongest of the species that survives, nor the most intelligent, but the most responsive to change,” capturing the ethos that underpins GRSE’s journey from a 19th-century dockyard to a 21st-century defence powerhouse.
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A Strategic Transformation
Founded in 1884 and based in Kolkata, GRSE has emerged as a cutting-edge player in India’s maritime defence sector. While over 93% of its revenue still comes from warships, GRSE is now strategically positioning itself to compete in global markets with advanced design and in-house manufacturing capabilities. The company has achieved over 90% indigenous content in recent naval deliveries, in line with the Make in India initiative and national goals of technological self-reliance.
“We’ve shifted from being a conventional warship builder to an agile, innovation-led shipbuilder, with a focus on global recognition, sustainability, and technological leadership,” Mr Hari explained.
Ambitions Beyond Defence
As part of its GRSE 2.0 roadmap, the public sector enterprise is now eyeing diversification into the commercial shipbuilding sector, where India’s global share has shrunk to less than 1% from 3.5% in 2007.
To reverse this trend, GRSE is planning to build a greenfield shipyard within five years, dedicated to producing high-value commercial vessels such as megamax containerships with capacities of over 20,000 TEU (Twenty-foot Equivalent Units).
Projects like the construction of an Ocean Research Vessel for the National Centre for Polar & Ocean Research (NCPOR) and patrol boats for Bangladesh highlight the company’s growing capability to handle complex, non-naval contracts.
Path to Navratna Status
With an impressive order book of ₹23,877 crore across 40 platforms (as of December 31, 2024), GRSE is working towards achieving Navratna PSU status by 2030. At a recent meeting with analysts and brokers, Hari outlined the company’s future plans to integrate AI, automation, and smart naval systems, ensuring GRSE remains ahead in the rapidly evolving maritime defence ecosystem.
“Our roadmap is clear – leverage India’s strategic location and cost advantage to become a significant player not just in defence but also in global commercial shipbuilding,” said Mr Hari.
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Global Aspirations Backed by Innovation
GRSE’s inclusion in Fortune India’s “100 Emerging Stars” comes at a time when the shipyard is aggressively pursuing new markets and partnerships to position India as a formidable force in both defence and commercial maritime sectors.
From its legacy as a builder of warships for the Indian Navy to its current ambition of shaping the future of shipbuilding globally, GRSE stands as a shining example of adaptability, innovation, and strategic foresight.
