Overview

• Titagarh Rail Systems received a letter of intent from Garden Reach Shipbuilders & Engineers to build two Coastal Research Vessels for the Geological Survey of India worth about ₹467.25–₹467.3 crore.
• The vessels will be built under Indian Register of Shipping rules with construction, trials and delivery scheduled within 28 months from the LOI date.
• Designed for India’s Exclusive Economic Zone, each ship will operate from 5 to 1,000 metres depth and carry 22 types of scientific equipment across three laboratories.
• GSI will use the CRVs for offshore geological mapping, mineral exploration, ocean-environment monitoring and onboard data processing and sample analysis.
• Titagarh called it a milestone order reflecting its ties with GRSE; the announcement followed a quarter in which profit fell 54% due to a resolved wheelset supply issue, with shares up about 2.6% Thursday and little changed Friday.