Azad Engineering inks $54 mn pact with GE Vernova's Steam Power Services

Precision engineering firm Azad Engineering on Sunday said it has signed an agreement worth $53.5 million with GE Vernova's Steam Power Services business unit for supply of airfoils for nuclear and thermal power industries.

The contract, spanning over six years (up to 2030) covers manufacturing and supply of highly engineered and complex rotating and stationary airfoils for advanced nuclear, industrial, and thermal power industries, Azad Engineering said in a statement.

The pact comes on the heels of the inauguration of the company's 7,600 sq m lean manufacturing facility dedicated to meeting volume capacity obligations, it said. 

The order also strengthens the company's existing strategic long-term relationship with GE Vernova's Steam Power Services business unit.

"This six-year agreement through 2030 strengthens our position in the global power generation supply chain and validates our precision engineering capabilities for critical applications," said Rakesh Chopdar, Chairman and CEO of Azad Engineering.

The company said it has been making significant investments in expanding its manufacturing capabilities as part of its strategic focus on long-term partnerships with global OEMs (original equipment manufacturers) across aerospace, defence, energy, and oil & gas sectors.