: Indian defence firm bags export order for artillery guns worth 5.5 million #FinanceIndia #StockMarketNEWS Indian defence firm bags export order for artillery guns worth 5.5 million New Delhi,

@StockMarketNEWS Mon 14 Nov, 2022

Posted in: #FinanceIndia #StockMarketNEWS

Indian defence firm bags export order for artillery guns worth 5.5 million #FinanceIndia #StockMarketNEWS
Indian defence firm bags export order for artillery guns worth 5.5 million New Delhi, Nov 10 (KNN) The Kalyani Strategic Systems Limited has bagged an export order worth USD 155.5 million for supplying artillery guns to a friendly foreign country, people familiar with the development said on Wednesday.

As per reports, this is a first such order received by a local company for the 155mm weapon system.

The company has neither revealed the name of the foreign customer nor the quantity of guns to be delivered yet, as reported by the Hindustan times.

“This order, to a non-conflict zone, is a great testament to the government’s Aatmanirbhar Bharat (self-reliant India) agenda and its sustained push to promote exports of indigenously designed developed and manufactured (IDDM) advanced defence platforms from India,” the company informed the Bombay Stock Exchange.

Kalyani Strategic Systems, a wholly owned subsidiary of Bharat Forge, will execute the order over the next three years. The firm was in talks with Saudi Arabia for the possible sale of its Bharat 52, a 155mm/52-calibre artillery gun, HT has learnt.

This development comes as India has been pushing for the promotion of indigenously designed developed and manufactured defence products in the lieu to achieve defence exports worth USD 5 billion by 2025.

India has clocked defence exports worth Rs 30,000 crore since 2014, with the first six months of the current financial year alone accounting for export orders worth Rs 8,000 crore, officials said.

India’s defence exports reached their highest level in 2021-22, with the figure hitting Rs 13,000-crore mark and the private sector accounting for 70 per cent of the exports, an outcome of the government’s policies to boost the export of military hardware to friendly foreign countries.

In December 2020, the Union Cabinet gave its go-ahead to the sale of Akash missile systems to friendly foreign countries, and also created a high-powered panel for swifter approval to defence exports.

Defence minister Rajnath Singh earlier asked the Indian defence industry to step forward and manufacture modern and cost-effective defence products to realise the government’s vision of a “New India” that can not only meet its own needs but also fulfil the requirements of other countries. (KNN Bureau)