Bharat Forge: Subsidiary wins USD100 million contract
Pune-headquartered crankshaft manufacturer, Bharat Forge Limited informed that its subsidiary, Kalyani Rafael Advanced Systems won US$100 million contract, on Thursday.
Kalyani Rafael Advanced Systems (KRAS) has received a US$100 million contract from Rafael Advanced Defense Systems for manufacturing 1,000 BARAK-8 MRSAM missiles' kits for the Indian Army and Air Force. JV partners have invested in best-in-class production facilities, state of the art engineering services and extended Life cycle support (MRO) for systems supplied to Indian Defence force. KRAS is expected to ramp up its employee strength to 300 technical experts by the year 2023.
KRAS is a 49:51 joint venture between Rafael Advanced Defense Systems and Kalyani Strategic Systems (KSSL), with the Indian partner holding 51 per cent. KSSL is a 51 per cent subsidiary of Bharat Forge. Bharat Forge Limited (BFL) is the flagship company of Kalyani Group engaged in forging, auto components, specialty steels, infrastructure, renewable energy and specialty chemicals business.
On Thursday, the stock of Bharat Forge closed higher by 4.5 per cent at Rs. 463 on BSE. The index closed in green at 3,8823, up by 266 points.