Garden Reach Shipbuilders and Engineers (GRSE) announced on Wednesday that it has signed non-binding memorandums of understanding (MOUs) with foreign companies for the development of a hydrogen fuel cell ferry and the sale and service of medium-speed engines, primarily for the Indian Navy and the Indian Coast Guard.

In a letter to the bourses, GRSE reported that it had signed two non-binding Memorandums of Understanding (MOUs) of a confidential nature during the Defence and Security Equipment International (DSEI) Exhibition in London.

The Kolkata-based shipbuilder has signed a MoU with Lloyd's Register for the development of a hydrogen fuel cell ferry and with Caterpillar Inc for a potential collaboration in the production, sale, and service of medium-speed engines, particularly for the Indian Navy and the Indian Coast Guard.

This move is part of India's transformative efforts in the field of innovative and new green energy technologies, promoting sustainable and cost-effective alternate fuels.