The Indian Army is set to receive a boost to its artillery firepower as it has placed an order with Pune-headquartered NIBE Limited.
Under the order, the company will manufacture and supply ground equipment, accessories, ESP (enhanced system projectiles), and ammunition for universal rocket launcher systems that are capable of integrating various rocket types. These include rockets that are capable of striking at long ranges of 150 km and 300 km.
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According to the company, the order is worth ₹292.69 crore. The company revealed this in a submission to the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Thursday.
The order will be executed and delivered in tranches within 12 months, the defence manufacturer said.
As per the order, NIBE will furnish a performance cum warranty bank guarantee equal to 10 per cent of the total contract price, including taxes and duties, within 30 days of signing the contract.
The order is part of the Indian Army's efforts to enhance its deep and quick strike capabilities and is for the Israeli PULs (Precise & Universal Launching System).
NIBE is a defence manufacturing firm creating a range of critical systems and components to strengthen India's self-reliance in defence production, according to the publicly listed company.
According to Ganesh Nibe, the MD of the company, "From advanced weapon systems to critical infrastructure, NIBE Limited combines precision engineering with cutting-edge technology to support India’s defence sector with innovative, reliable solutions."