NIBE Limited Secures ₹292.69 Crore Supply Contract with Indian Army for Rocket Launcher Systems
NIBE Limited secured a supply contract worth ₹292.69 crore with the Indian Army for manufacturing and supplying ground equipment, accessories, ESP, and ammunition for a Universal Rocket Launcher System. The contract is to be executed within 12 months.
A contract of this magnitude (₹292.69 crore) with the Ministry of Defence is expected to have a substantial positive impact on the company's revenue and future prospects.
The company has secured a significant new order from a major government entity, which is a positive development for its business.
NIBE Limited has announced that it has entered into a Supply Contract with the Indian Army, Ministry of Defence, Government of India. The contract is for the manufacturing and supply of Ground Equipment, Accessories, ESP, and Ammunition for a Universal Rocket Launcher System. This system is capable of integrating multiple rocket types, including those with ranges of 150Km and 300Km.
The total consideration for this contract is ₹292.69 crore, inclusive of all taxes and duties. The company is required to furnish a Performance cum Warranty Bank Guarantee equal to 10% of the Total Contract Price within 30 days of signing the contract.
The order is for a domestic entity and falls under manufacturing and supply. The execution and delivery of the order are scheduled to be completed in tranches within 12 months from the contract signing. The announcement clarifies that NIBE Limited's promoters or group companies have no interest in the awarding entity, and the contract does not fall within related party transactions.
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NIBE 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 high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by NIBE Limited. Read the original for the full detail.