Defence shipbuilding yard Garden Reach Shipbuilders and Engineers (GRSE) expects a turnover of Rs 1,500 crore in the current fiscal.
Company chairman and managing director A K Verma said today that with growth at the rate of 20 per cent every year the turnover was poised to reach Rs 1,500 crore this fiscal from Rs 1,293 crore last year.
He said the city-based yard's modernisation was likely to be completed by June.
With modernisation, shipbuilding capacity would double and the enhanced facilities for integrated construction would result in considerable reduction in time in making of ships.
He was speaking at the launch of the third anti submarine warfare corvette, an indigenously-built frontline warship for the Indian Navy.
Admiral D K Joshi, chief of the Naval Staff, who was also present, said with modernisation the yard was gearing up for integrated construction and would build ships in a much shorter timeframe.
He advised the shipbuilder to introduce modular concept for new projects like LCU to start with, so that useful experience could be gained before embarking on the challenging task of building project P17A ships.
GRSE builds missile corvettes, multipurpose frigates, fleet tankers, landing ship tanks, fast attack crafts for the Navy and Coast Guard.
It was building an OPV class of vessel for the Mauritius government, which would be India's first warship export.
