NIBE Ltd Secures Rs. 293 Crore Contract with Indian Army
Filing Summary
NIBE Ltd has entered into a supply contract with the Indian Army, Ministry of Defence, Government of India. The contract involves the manufacturing and supply of ground equipment, accessories, ESP, and ammunition for a universal rocket launcher system. The total consideration for this contract is Rs. 293 crore, inclusive of all taxes and duties. The order will be executed and delivered in tranches within 12 months. NIBE Ltd 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.
NIBE Ltd has signed a supply contract with the Indian Army, Ministry of Defence, Government of India. The contract, valued at Rs. 292.69 crore, includes 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 striking at long ranges of 150Km and 300Km.
The contract requires NIBE Ltd to furnish a performance cum warranty bank guarantee equal to 10% of the total contract price, inclusive of all taxes and duties. This guarantee must be provided within 30 days of signing the contract. The order will be executed and delivered in tranches within a 12-month period.
The Indian Army, Ministry of Defence, Government of India, is the entity awarding this domestic contract. There is no interest from the promoter or promoter group in the entity awarding the contract, and the transaction does not fall within related party transactions.
NIBE Ltd focuses on the manufacturing and supply of advanced equipment and systems for defense applications. The company prioritizes strategic partnerships and contracts to enhance its capabilities in delivering high-quality defense solutions. NIBE Ltd continues to expand its portfolio in the defense sector, aligning with its business priorities and strategic objectives.