Bharat Forge rose 1.80% to Rs 598.80 after the company announced an agreement with Paramount Group for production of armoured vehicles in India.
In a stock exchange filing made after market hours on Monday, the engineering & technology conglomerate and Paramount Group, a global aerospace and technology company, announced a cooperation that will see them join the technologies, capabilities and expertise of both groups in order to manufacture armoured vehicles in India.
An agreement to this effect was signed by both companies during the International Defence Expo (IDEX 2021) held in Abu Dhabi.
Paramount Group makes a broad range of highly advanced armoured and mine protected vehicles that are in operation around the world. These vehicles have been designed and developed to meet the ever-changing demands of the global battlefield.
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. Bharat Forge intends that the 'Kalyani M4' will see service with the Indian Armed Forces in the very near future. It successfully completed a series of extreme vehicle trials in some of the toughest environments in India.
Amit Kalyani, deputy managing director, Bharat Forge said, "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."
Ivor Ichikowitz, Chairman of Paramount Group stated: "All of our technologies have been developed with portable production in mind. The Kalyani M4 is based on one of our flagship armoured vehicles designed specifically for in-country production in India with our partners the Kalyani Group."
Bharat Forge is a technology driven global provider critical components and solutions to various industrial sectors including automotive, railways, power, construction & mining, defence, aerospace, marine and oil & gas.
Bharat Forge reported a consolidated net loss of Rs 210.44 crore in Q3 FY21 as against net profit of Rs 40.43 crore in Q3 FY20. Revenue from operations fell 6% YoY to Rs 1723.11 crore during the quarter.
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