Kalyani Rafael Advanced Systems, a wholly owned defence subsidiary of Bharat Forge, has bagged an order amounting to Rs 2875.1 million inclusive of taxes from the Indian Ministry of Defence for the supply of missile systems.
According to the company, the order is expected to be executed over the next 12 months.
Earlier this month, Autocar Professional reported that Bharat Forge is eyeing Rs 1,000 crore in capex for its India business over the financial year (FY) 2023-24 until the first half of FY 2025-26 which will be incurred towards core business, electric vehicle components and systems, and defence. In the defence business (under artillery systems), the company is ready with protected vehicles, armored vehicles, unmanned vehicles, and ammunition.
Established as a flagship company to drive defence business initiatives, Kalyani Rafael Advanced Systems is a joint venture company between Kalyani Strategic Systems and Rafael Advanced Systems of Israel.
Post the announcement, the shares of the forging giant Bharat Forge hit a new all-time high of Rs 1,056.8 apiece and gained 3.33% on Monday.
Seeing the current global demand, Amit Kalyani, Joint Managing Director, Bharat Forge said that soon the defence segment will contribute 10 percent to the overall company’s revenue.