In a historic milestone for India’s maritime and scientific landscape, Kolkata-based Garden Reach Shipbuilders and Engineers Ltd (GRSE) signed a Memorandum of Understanding (MoU) with Norway’s Kongsberg on June 3, 2025, to build India’s first-ever Polar Research Vessel (PRV) indigenously. The announcement, made during the Nor-Shipping 2025 event in Oslo, sparked a 6% rally in GRSE’s stock price, reflecting strong investor confidence in this landmark project under the Make in India initiative.
Strategic Collaboration
The MoU, signed in the presence of Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal, marks a significant step toward enhancing India’s polar and ocean research capabilities. Kongsberg, a global leader in maritime technology, will provide critical design expertise to develop the PRV, tailored to the requirements of the National Centre for Polar and Ocean Research (NCPOR). The vessel will be constructed at GRSE’s state-of-the-art shipyard in Kolkata, reinforcing India’s commitment to indigenous manufacturing.
Sonowal emphasized the project’s importance, stating, “This MoU is a beacon of hope and progress, signaling India’s unwavering commitment to scientific advancement and sustainable development. Together, we are building not just a vessel but a legacy of innovation, exploration, and international cooperation.”
Significance of the Polar Research Vessel
The PRV will be equipped with cutting-edge scientific equipment, enabling Indian researchers to:
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Explore the depths of polar and southern oceans.
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Study marine ecosystems and biodiversity.
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Contribute to global climate research and oceanography.
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Support India’s scientific missions in the Arctic and Antarctic regions.
This vessel will reduce India’s reliance on chartered foreign vessels for polar research, granting greater autonomy and strengthening its position in global scientific exploration. The project, estimated at ₹2,600 crore, is expected to be completed within five years, marking a significant investment in India’s research infrastructure.
Boost to Make in India
The collaboration aligns with the Indian government’s Make in India campaign, launched to boost indigenous manufacturing. GRSE, with its proven expertise in constructing complex maritime platforms like warships and survey vessels, is well-positioned to deliver this pioneering PRV. The project not only showcases India’s shipbuilding capabilities but also fosters international partnerships, combining Kongsberg’s technological expertise with GRSE’s construction prowess.
Sonowal highlighted, “This will be a testament to India’s critical shipbuilding capabilities, boosting further the Make in India initiative.”
Market Impact
Following the MoU announcement, GRSE shares surged 6% to hit a record high of ₹3,464 per share on June 4, 2025, reflecting market optimism about the company’s growth prospects. Over the past month, GRSE stock has rallied over 60%, significantly outperforming the Nifty 50 index. The company’s robust order book and strong financial performance, with a net profit of ₹244 crore in the March quarter of FY25, further bolster investor confidence.
Cmde Hari PR, Chairman and Managing Director of GRSE, stated, “With our robust order book and mature execution of ongoing projects, I’m confident of an even stronger performance this year.”
Broader Implications
The PRV project underscores India’s growing focus on sustainable maritime development and global collaboration. During the Nor-Shipping event, Sonowal invited Norwegian shipowners to invest in India’s maritime sector, highlighting opportunities under the Sagarmala programme and the $2.9 billion Maritime Development Fund. He noted that Indian shipyards account for 11% of the Norwegian Shipowners’ Association’s order book, signaling a deepening India-Norway maritime partnership.
The vessel will also support India’s commitment to addressing global challenges like climate change, with applications in polar logistics and oceanographic studies. This initiative positions India as a key player in sustainable maritime solutions and scientific research.
Future Outlook
The GRSE-Kongsberg partnership is a game-changer for India’s shipbuilding and research sectors. By leveraging global expertise and domestic capabilities, the PRV will enhance India’s presence in polar research and contribute to global efforts in understanding climate dynamics. With GRSE’s proven track record and a strong push for indigenization, this project is set to elevate India’s maritime and scientific stature.
Stay tuned for updates on this transformative project and its impact on India’s maritime and research landscape.
