Garden Reach Shipbuilders & Engineers Limited has signed a Memorandum of Understanding (MoU) with Naval Group France on 9 September 2021. The MoU is exploratory in nature and likely it comes up in future is only a general understanding between the two parties to explore future business in the field of surface ships and manufacturing of Gowind class ships for export market based on any possible future requirement by using individual capabilities. The MoU is not covered with any revenue model which will have any interest/impact on the market. Further, the MoU doesn't involve any financial obligations/transactions. The nature of the MoU stated in the document are as follows: (i) Nothing in this MoU shall be deemed to constitute, create, give effect, or to otherwise form any joint venture, partnership of formal business entity of any kind and the rights and obligations of the parties shall be limited to expressly set forth herein. (ii) Each party shall act in its own name and on its own behalf and no party has the right to act on behalf of the other party without the other party's prior written approval. (iii) The provisions herein directly and indirectly related to the contemplated cooperation are only an expression of the current intentions of the parties and are not to be construed as implying any contractual or pre-contractual obligation and commitment to implement the cooperation and/or to negotiate and/or enter into any subsequent agreement related to cooperation.