CG Power Systems Indonesia, a wholly owned subsidiary of CG Power & Industrial Solutions (CG), has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of Power Transformers valued at IDR 744 billion (USD 55 million).
This project is the first of its kind to be funded by Islamic Development Bank to support PLN's ambitious goal to enhance its Transmission Grid performance. The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW Fast Track Program. CG Power will complete the supplies against the order by December 2018.
The order was secured through an open book process participated by six established bidders, including four multinational companies, where CG got the highest award of 37% of the total value. This is the 8th tender won by CG as a leader which comprised of eight different ratings in a wide capacity and voltage range. The scope of work includes site survey, design, manufacturing, supply and installation of 64 units (4400 MVA) of Power Transformers in PLN regions spread from Aceh to Papua over Sumatra, Java, Kalimantan, Sulawesi, Papua and Malukku Islands of Indonesia.
The award of the order to CG re-enforces its successful track record, global recognition of its technical expertise and CG as the preferred supplier for power utilities in manufacturing state-of-the-art products and solutions. CG received a high Qualitative Ranking Score based on evaluation conducted by one of the big four worldwide management consulting firms, appointed by PLN leading to higher allocation to CG.
Avantha Group Company, CG's CEO & Managing Director, K. N. Neelkant said, ''CG always believes in manufacturing world class quality products and solutions as per the Global standards. We thank PT PLN Indonesia for this significant win which reinforces their trust in CG. This win further endorses our commitment towards making world class products for Global markets.''
Shares of the company gained Rs 2.35, or 2.66%, to trade at Rs 90.80. The total volume of shares traded was 123,981 at the BSE (10.05 a.m., Monday).
