Triveni Engineering & Industries yesterday announced signing of a 10-year business agreement with GEAE Technology USA to locally manufacture the LM2500 gas turbine base and enclosure.
Under the agreement, GEAE Technology USA has licensed Triveni to locally manufacture the LM2500 gas turbine's base frame, acoustic enclosure, and lubricating oil skid and supply other source-controlled accessories that go into the LM 2500 gas turbine enclosure assembly.
The LM2500 is the chosen propulsion gas turbine by the Indian Navy for many of its surface combatant vessels. The LM2500 gas turbine, with power ranging from 25 MW to 35 MW, are best in class naval propulsion gas turbines and are in service with over 40 navies globally.
Tarun Sawhney, vice chairman & managing director, Triveni Engineering & Industries, said: "Triveni Group has a long history of over three decades with indigenous design and development of engineered rotary products for various naval platforms and has a long-term vision of supporting the Indian Navy in self-reliance. Currently, Triveni is working towards providing critical technology and engineered solutions on multiple fronts to Indian Navy and Indian Defence industry.
This agreement is another major step towards indigenisation of LM 2500 gas turbine and accessories in line with the 'Make in India' policy of the Government of India. We believe this arrangement is a major step in bringing the high-end technology indigenously to the Indian Defence as part of a long-term plan, which we at Triveni are well poised to contribute further through a strong portfolio of current and upcoming products."
Triveni Engineering & Industries is a market leader of engineered-to-order turbo high-speed gears & gearboxes, an indigenous approved supplier of engineered products & systems apart from approved supplier of indigenous marine gearboxes for the Indian Navy and Coast Guard shipbuilding projects.
The company's consolidated net profit rose 196.57% to Rs 92.47 crore in the quarter ended September 2021 as against Rs 31.18 crore during the previous quarter ended September 2020. Sales declined 8.55% YoY to Rs 1068.46 crore in Q2 FY22.
The scrip slumped 5.81% to end at Rs 188.15 on the BSE yesterday.
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