Pune-based Indian multinational company Bharat Forge limited has bagged an order worth Rs 177.95 crore from the Indian Ministry of Defence for the supply of Kalyani M4 vehicles.
According to reports, the contract from the ministry entails production of 200 Kalyani M4 vehicles under emergency procurement protocols.
After the development, the share price of the company went up and was trading at Rs 610 at 14:15 hours, almost up by 3.5 per cent from the previous day.
Earlier on Monday (22 February), Bharat Forge had announced a partnership with global aerospace and technology firm Paramount Group to manufacture armoured vehicles in the country. The said agreement was inked during the International Defence Expo held in Abu Dhabi.
"This collaboration brings together the manufacturing and technology excellence of two leading companies, which have matching synergies and complementary capabilities. The Kalyani M4 is a fantastic new generation vehicle, and we want to position it as the future of protection in all markets world-wide," Bharat Forge Deputy Managing Director Amit Kalyani said.
The Kalyani M4 is a multi-role platform, designed to meet the specific requirements of armed forces for quick mobility in rough terrain and in areas affected by mine and IED threats.
“It is intended that the ‘Kalyani M4’ will see service with the Indian armed forces in the very near future. The Kalyani M4 successfully completed a series of extreme vehicle trials in some of the toughest environments," a statement from the two companies said.
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