- ALSO READ
Kalyani Strategic Systems, a subsidiary of Bharat Forge Ltd, has received an export order for 155 mm Artillery guns worth $155.5 million from a non-conflict zone. According to the company's filing with the BSE, the order will be processed over three years.
"We are pleased to inform that Kalyani Strategic Systems Limited, a wholly-owned subsidiary of the Company, has been awarded an export order for a 155 mm Artillery Gun platform to be executed over a 3-year timeframe. The total value of the order is $155.50 mn," the filing read.
Bharat Forge manufactures a wide range of critical and safety components for several sectors including aerospace, automobiles (both commercial & passenger), oil & gas, locomotives, marine, energy, construction, mining and general engineering.
In FY22, the company produced Kalyani M4 armoured vehicles for the Indian Army for the UN Peacekeeping mission.
Since 2021, the defence ministry has been announcing a staggering ban on the imports of several weapons with an aim to encourage production and export.
"This order, to a non-conflict zone, is a great testament to the Government of India’s Aatmanirbhar Bharat agenda and its sustained push to promote exports of Indigenously Designed Developed and Manufactured (IDDM) advanced defence platforms from India," the filing added.
Following the news, the shares of Bharat Forge touched a 52-week high of Rs 890 on BSE before falling to Rs 878.7 on Wednesday.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Wed, November 09 2022. 15:52 IST