Kirloskar Brothers Subsidiary SPP Pumps Secures GBP 11.7 Million Order
Kirloskar Brothers Limited's subsidiary, SPP Pumps UK, secured a GBP 11.7 Million (approx. ₹149.59 crore) order from Saipem Offshore Construction SPA. The order is for Vertical Pumps and Spares and is to be executed within 52-60 weeks.
The order value is significant for the subsidiary and contributes to the company's overall business, but it is not a transformative deal for the entire group.
The company has secured a significant new order, which is positive for its business prospects.
Kirloskar Brothers Limited (KBL) announced that its wholly-owned material subsidiary, SPP Pumps Ltd., UK, has secured a significant order from Saipem Offshore Construction SPA. The order is for the supply of Vertical Pumps and Spares, with an aggregate value of GBP 11.7 Million (approximately ₹149.59 crore).
SPP Pumps is a flagship international subsidiary of KBL and holds a leadership position in the UK pump industry. This order from Saipem is considered prestigious for SPP. The contract requires SPP to issue a Performance Bond equal to 10% of the contract value and a Warranty Bond equal to 5% of the contract value. The order is to be executed within 52-60 weeks from the receipt date. The entity awarding the order, Saipem Offshore Construction SPA, is an international entity, and KBL's promoter/promoter group/group companies do not have any interest in it. The order does not fall within related party transactions.
What to do with a filing like this
Kirloskar Brothers Limited filed this with the NSE as a statutory disclosure, categorised under new orders. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Kirloskar Brothers Limited. Read the original for the full detail.