Swan Defence and Heavy Industries Ltd has signed an MoU with Garden Reach Shipbuilders & Engineers Ltd.

(GRSE) to jointly pursue commercial shipbuilding and offshore structure projects. This non-exclusive partnership aims to leverage GRSE's strong order book and Swan's infrastructure at Pipavav, India's largest shipyard by dock capacity, which currently has no shipbuilding orders. GRSE, known for naval shipbuilding, is aggressively expanding into commercial shipbuilding, recently securing a $108 million export order from Germany. The alliance enables GRSE to meet delivery timelines while helping Swan validate its facilities for future large-scale orders. The collaboration also aims to build a skilled workforce, optimize costs, and foster a vendor ecosystem, establishing a robust and sustainable commercial shipbuilding model in India.