Tata Power bags Rs. 1,200 crore order

Tata Power, a Tata Group company, bagged a contract from the Ministry of Defence for air surveillance equipment. The company will work in partnership with foreign OEM, Indra Sistemas, Spain.

The company informed in a press release on the stock exchange that the Defence Ministry had given a contract for the supply of 23 ship-borne 3D air surveillance radars over the next 10 years. The contract, with an estimated value of about Rs. 1,200 crore, was signed under the Buy & Make (India) category of the Defence Procurement Procedure (DPP) 2013 that will be offering the Indian Navy a proven solution, with a production arrangement in India under Transfer of Technology (ToT) and thereby furthering substantive self-reliance for India’s defence requirements.

The contract will be executed by Tata Power SED as prime contractor and the company will have to work in partnership with foreign OEM, Indra Sistemas, Spain.

Tata Power also has signed contracts for projects such as Portable Diver Detection Sonar (PDDS) for Indian Naval applications, DSIT Solutions Limited, Israel, etc.

Tata Power is India's largest power company which has a total capacity of 10,757 MW. It is engaged in generating renewable as well as conventional power including hydro and thermal energy; transmission & distribution, trading and coal & freight logistics.

At 12:45 hours, the stock of Tata Power traded at Rs. 73.20 per share, with gains of 1.67 per cent. While the benchmark index BSE Sensex was down by 88.91 points, at 38,297.84.