After securing an export order worth over $12 million, Garden Reach Shipbuilders is expecting another one from a "friendly foreign country".

"I would say FY22 would be quite good as far the export is concerned," said VK Saxena, Chairman & Managing director of the company.

Garden Reach Shipbuilder bagged an order worth $12 million from the government of Guyana to design and construct ocean-going passenger and cargo vessel.

“We have won this order on a competitive basis for the government of Guyana and the value is $12.7 million, so this is one big-ticket platform level export that is what the government of India and Ministry of Defence is aiming at," Saxena told CNBC-TV18.

“This is a good beginning in 2021 and the construction period is going to be around 12 months. Although, the delivery period is 18 months. We will be starting the construction in the next two months’ time," Saxena said.

On the margins front, Saxena said, “The margins are better than domestic orders because we have been winning generally the contracts within the domestic field with the margin of 5-10 percent. Here, the margins are little better than that.”

“In the times ahead I would see that the future is very bright, the kind of push, thrust and support the government of India is giving to us - we hope that we should be wining more and more orders for the export of the platforms. FY22 would be an excellent year, much better than FY21," said Saxena.

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(Edited by : Niral Sharma)

First Published:Jan 18, 2021 3:00 PM IST