homemarket NewsL&T awarded contracts worth ₹13,368 crore for supply of equipment to Indian Air Force
L&T awarded contracts worth ₹13,368 crore for supply of equipment to Indian Air Force
L&T classifies orders ranging between ₹5,000 crore to ₹10,000 crore as "major" orders.
Larsen & Toubro Ltd., the infrastructure, Engineering and Defence conglomerate has been awarded a "major" contract for the supply of High Power Radars (HPR) to the Indian Air Force, it said in an exchange filing. The total value of the contract is worth over ₹13,000 crore.
Additionally, the company has also signed a contract for another "major" order won earlier for the supply of indigenously developed Close-In weapon systems (CIWS) to the country's Air Force.
L&T classifies orders ranging between ₹5,000 crore to ₹10,000 crore as "major" orders.
High Power Radar is a static sensor for long-range surveillance with a higher uptime. The project is turnkey in nature and will be executed across multiple locations.
A Close-in Weapons System is also planned for deployment at various locations across the country to protect vital assets from all types of low flying, low signature aerial threats, including unmanned aerial vehicles. The CIWS will comprise of Air Defence Guns, Tracking Radars and a Search Radar linked to a command and control shelter.
As per the Ministry of Defence release on PIB, the contract for procurement of the CIWS is worth ₹7,668.82 crore, while those of the High Power Radar is worth ₹5,700.13 crore.
Both the CIWS and HPRs will be realised at the company's state-of-the-art manufacturing facilities, in collaboration with the industrial ecosystem MSME partners throughout India.
Shares of L&T have extended their gains, currently trading at the highest point of the day. The stock is up 5% at ₹3,650. The stock has risen 72% over the last 12 months. This is the biggest single-day gain for the stock since July 2022.
Also Read: L&T commissions first indigenously manufactured electrolyser at green hydrogen plant in Hazira
First Published: Mar 1, 2024 2:03 PM IST
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