GRSE DECLARES 35 PER CENT DIVIDEND

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Garden Reach Shipbuilders & Engineers Ltd (GRSE), Kolkata, a Ministry of Defence Undertaking declared a dividend of 35 per cent for the year 2002 – 2003. A demand draft of Rs. 7.49 crores as a Government share was handed over to the Defence Minister Shri George Fernandes in New Delhi today.

The Company has for the first time achieved a Value Production of over 500 crore since inception. The company is currently engaged in building two Frigates and one Missile Corvette. The delivery of all the three ships is scheduled to be completed by next year. GRSE have also received orders for Landing Ships for Tanks (large), Fast Attack Crafts and Anti Submarine Warfare Corvettes.

The Company is going for modernization of its infrastructure and a capital outlay of Rs 270 crores has been earmarked to improve the pace of ship construction activities and reduce the overall production cycle times. Formation of ‘Quality Circles’ at the shop floor level is a major thrust area at the Shipyard to increase workers participation and improve productivity.