Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
26 May, 2017 01:47 IST
Larsen & Tubro wins defence order worth Rs 45 bn
Source: IRIS | 12 May, 2017, 03.44PM
Comments  |  Post Comment

Larsen & Toubro (L&T), India's multinational engineering conglomerate, has entered into a contract with the Ministry of Defence (MoD) for supply of 100 units of 155mm/ 52 calibre Tracked Self-Propelled Gun systems to the Indian Army. The contract valued at about Rs 45 billion, is the largest order placed by MoD on an Indian private company.

This win affirms L&T's position as India's leading private sector defence company with capabilities to design, develop and manufacture state-of-the-art platforms and systems  for the Indian armed forces.

L&T, supported by its South Korean technology partner Hanwha Tech Win (HTW), had bid for this ‘Buy Global’ acquisition program of MoD in 2011. Among 4 bidders to the program RFP, L&T emerged as the sole qualified bidder, after a series of User Trials and Evaluations, based on the performance of the K9 VAJRA-T self-propelled Howitzer.

The K9 VAJRA-T gun is an enhanced version of HTW’s K9 Thunder-a world class selfpropelled Howitzer, customised and co-developed by L&T & HTW to suit the specific requirements of the Indian Army including desert operations. HTW’s K9 Thunder selfpropelled Howitzer is among the best in the world with over 1,000 units already in service in Korea and few other countries.

This contract embodies the Government's 'Make in India' initiative. It envisages delivery of the 100 guns in 42 months with associated engineering support package and maintenance transfer of technology to support these Howitzer regiments throughout their life cycle. These guns will have over 50% indigenous content and will be delivered from L&T's manufacturing facilities, including a new Armoured Systems Complex at Hazira.

This program sets new benchmarks in co-development and co-production of defence systems by any Indian defence company in collaboration with an international technology partner.

Shares of the company declined Rs 0.05, or 0%, to trade at Rs 1,736.20. The total volume of shares traded was 135,182 at the BSE (3.34 p.m., Friday).



Larsen & Toubro Limited   (Q,N,C,F)*

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
IDBI Bank crafts turnaround strategy to shore up capital - 25-May-2017 13:43
BHEL commissions 270 MW thermal unit in Maharashtra - 25-May-2017 13:02
Kalpataru Power receives approval to raise Rs 1 bn via NCDs - 25-May-2017 10:25
HCL Tech to buy-back shares worth Rs 35 bn - 25-May-2017 10:11
DHFL reduces home loan lending rates by 25 bps to 8.35% - 25-May-2017 10:06
Reliance Infra gets Sebi nod for Rs 25 bn InvIT IPO - 25-May-2017 10:01
Orchid Pharma gets ANDA clearance for Aripiprazole tablets - 24-May-2017 15:49
Infosys joins enterprise ethereum alliance for Blockchain - 24-May-2017 11:45
Dion Global launches wealth management module TCWealth - 24-May-2017 11:37
Dion Global Solutions, Fincast enter into operating partnership - 24-May-2017 11:29
Sun Pharma gets USFDA approval for Tildrakizumab BLA - 24-May-2017 11:20
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer