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Garden Reach Shipbuilders & Engineers Limited (GRSE), a wholly owned Government of India undertaking under the administrative control of the Department of Defence Production in the Ministry of Defence, has paid a dividend of Rs. 10.28 crores for the year 2003-04. The Chairman and Managing Director of GRSE Rear Admiral Rajeev Paraliker presented the dividend cheque to Defence Minister Shri Pranab Mukherjee here today.
The company posted a profit of Rs. 53.11 crores in the financial year 2003-04. For the first time since its inception the company crossed Rs 10 crores mark in paying dividend i.e. 35 % of the profit after tax.
The company is currently engaged in building one frigate and three Large Landing Ships for Tanks (LLSTs) and four Fast Attack Crafts (FACs) The delivery of Frigate and one LLST and two FACs are scheduled to be over by next year. Besides, the company has also received orders for four anti-submarine warfare corvettes from the Indian Navy. These ships will be of indigenous design developed by the shipyard with state-of-the-art technology.
GRSE has embarked upon rapid modernization of its infrastructure with a capital outlay of Rs 270 crores to improve the pace of ship construction activities and reduce the overall production cycle time. Formation of ‘Quality Circles’ at the shop floor level is a major thrust area at the shipyard to increase workers’ participation and improve productivity.
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