Azad Engineering inks 8-year contract with Mitsubishi Heavy Industries
Azad Engineering secured an 8-year Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries (MHI) to supply hot-section Nozzle Vanes Segments for gas turbine engines. This signifies a move into critical combustion hot-section components for the global power generation market.
An 8-year contract for a critical component with a leading global manufacturer like Mitsubishi Heavy Industries is expected to have a substantial positive impact on Azad Engineering's revenue and market standing.
The announcement details a significant long-term contract with a major international player, which is a positive development for the company's growth and market position.
Azad Engineering Limited has been selected as a Single Source Supplier Partner and has signed a Long Term Contract & Price Agreement (LTCPA) for an 8-year term with Mitsubishi Heavy Industries Limited, Japan (MHI). This agreement is for the supply of highly engineered and complex hot-section Nozzle Vanes Segments of gas turbine engines.
This marks a significant achievement for Azad Engineering, as it represents a leap from manufacturing compressor (cold-section) Airfoils and other turbine components to producing critical combustion hot-section turbine Nozzle Vanes Segments. This milestone is part of Azad Engineering's expanding partnership with MHI, a leading global turbine manufacturer. To support this collaboration, a dedicated lean manufacturing facility will be established by MHI specifically for manufacturing these hot section Nozzle Vanes for advanced gas turbine platforms serving their global power generation markets.
The contract details were submitted as Annexure - A, confirming MHI as the counterparty and the purpose as outlined above. The agreement does not involve any shareholding in MHI by Azad Engineering, nor are the parties related. The contract is for the supply of hot-section Nozzle Vanes Segments and is an international contract with a duration of 8 years.
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