Punj Lloyd, Rave Gears (USA) and Adani Group announced an intention to collaborate for the design, manufacture and assembly of high precision gears and transmission systems for rotary platforms at DefExpo 2018.

The collaboration intends to manufacture gears and gear assemblies mainly for rotary platforms, currently under production in India for HAL, and for future programs like the Naval Utility Helicopters and Naval Multi Role Helicopters. The collaboration will use the manufacturing base in India for exports to global OEMs, both in the military and civil aerospace domain.

The three companies aim at increasing self-reliance at the Tier-I level, which will be critical for system integration of platforms in India. The collaboration furthers the indigenisation agenda under Make in India program and will bring state of the art technology to the country.

''Punj Lloyd has been at the forefront of building industrial capabilites in defence manufacturing in the country across various domains, from small arms to artillery guns. This collaboration will enable India to achieve indigenisation in one of the most critical components in rotary platforms,'' commented Ashok Wadhawan, President Manufacturing Business at Punj Lloyd.

Shares of the company declined Rs 6.4, or 4.43%, to trade at Rs 138.05. The total volume of shares traded was 453,639 at the BSE (12.23 p.m., Thursday).