Shares of Garden Reach Shipbuilders & Enginers (GRSE) rose 0.20% to Rs 2,557.80 on the BSE.
According to an exchange filing, the contract is scheduled to be executed within 3 months from the date of award.
The company also clarified that there is no interest or involvement from the promoter, promoter group, or group companies in the entity awarding the contract. Additionally, the transaction does not fall under related party transactions and has been carried out on an arm’s length basis.
Garden Reach Shipbuilders & Engineers is a premier shipbuilding company in India under the administrative control of the Ministry of Defence, primarily catering to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. GRSE is a diversified, profit making and the first Shipyard in the country to export warships and deliver 100 warships to the Indian Navy and Indian Coast Guard.
Quest Flow Controls is engaged in the manufacture, assembly, and supply of valves, actuators, strainers, and remote-control valve systems, serving both domestic and international markets across multiple industries.