PUNJ LLYOD MAY BAG ITS MAIDEN DEFENSE CONTRACT WORTH RS 400 CRORE
THURSDAY, AUGUST 25, 2016 BY INDIANDEFENSE NEWS
by Rachita Prasad
The Indian government will spend $620 billion between 2014 and 2022 on defense, of which half will be capital expenditure.
MUMBAI: Punj Lloyd expects to bag its maiden defense order for upgrading Zu-23 air defense guns worth Rs 400 crore in a month's time, a top executive from the company told ET.
In July 2015, the company had informed bourses that its proposal for upgrading the Zu-23 air defense gun was shortlisted by the defense ministry. The company has emerged the best bidder and expects the final award of order soon.
"We diversified into defense in 2006 but have only done small component jobs. We hope to receive the Zu23 order in a month. Our products have been tried, tested and approved so we expect a more big order to come now," Ashok Wadhawan, president, manufacturing, Punj Lloyd, told ET.
Punj Lloyd, traditionally an infrastructure project company, diversified into manufacturing by investing Rs 200 crore in setting up a manufacturing unit near Gwalior for fabrication and assembly facility for defense systems, primarily guns. "The six-year cycle is getting over and we are in the final stages of signing contracts.
This would give a big jump to order book. The defense may grow to be 20 per cent of our group's total order book in the next 2 years," Wadhawan said. Punj Lloyd has formed a 51:49 JV with Israel Weapon Industries (IWI) the for manufacture of arms. IWI has in the past supplied guns such as TAVOR assault rifles and UZI SMG to security forces in India and the company has other major programs in which its small arms are undergoing trials.
"Our focus area is guns. We have one JV for small arms and now we will look at joint ventures in other segments of arms. We are working on technology on our own but we will look at more JVs since technology is available globally," he said. According to a study by Ficci and Centrum Capital, the Indian government will spend $620 billion between 2014 and 2022 on defense, of which half will be capital expenditure.
http://www.indiandefensenews.in/2016/08/punj-llyod-may-bag-its-maiden-defense.html
THURSDAY, AUGUST 25, 2016 BY INDIANDEFENSE NEWS
by Rachita Prasad
The Indian government will spend $620 billion between 2014 and 2022 on defense, of which half will be capital expenditure.
MUMBAI: Punj Lloyd expects to bag its maiden defense order for upgrading Zu-23 air defense guns worth Rs 400 crore in a month's time, a top executive from the company told ET.
In July 2015, the company had informed bourses that its proposal for upgrading the Zu-23 air defense gun was shortlisted by the defense ministry. The company has emerged the best bidder and expects the final award of order soon.
"We diversified into defense in 2006 but have only done small component jobs. We hope to receive the Zu23 order in a month. Our products have been tried, tested and approved so we expect a more big order to come now," Ashok Wadhawan, president, manufacturing, Punj Lloyd, told ET.
Punj Lloyd, traditionally an infrastructure project company, diversified into manufacturing by investing Rs 200 crore in setting up a manufacturing unit near Gwalior for fabrication and assembly facility for defense systems, primarily guns. "The six-year cycle is getting over and we are in the final stages of signing contracts.
This would give a big jump to order book. The defense may grow to be 20 per cent of our group's total order book in the next 2 years," Wadhawan said. Punj Lloyd has formed a 51:49 JV with Israel Weapon Industries (IWI) the for manufacture of arms. IWI has in the past supplied guns such as TAVOR assault rifles and UZI SMG to security forces in India and the company has other major programs in which its small arms are undergoing trials.
"Our focus area is guns. We have one JV for small arms and now we will look at joint ventures in other segments of arms. We are working on technology on our own but we will look at more JVs since technology is available globally," he said. According to a study by Ficci and Centrum Capital, the Indian government will spend $620 billion between 2014 and 2022 on defense, of which half will be capital expenditure.
http://www.indiandefensenews.in/2016/08/punj-llyod-may-bag-its-maiden-defense.html
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