At a ceremony earlier today, RAFAEL Executive Vice President & General Manager of the Air & Missile Defense Systems Division, Brigadier General (ret.) Pini Yungman, presented to Kalyani Rafael Advanced Systems Ltd, India (KRAS) a $100 Million contract for manufacturing 1,000 BARAK-8 MRSAM missiles' kits which in turn would be supplied to BDL for further integration.
KRAS is a 49:51 ratio Joint Venture between RAFAEL Advanced Systems and Kalyani Strategic Systems Ltd (KSSL), with the Indian partner holding 51%. KSSL is a 51% subsidiary of Bharat Forge Limited.
Keeping with its commitment to 'Make-in-India', the 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. RAFAEL Advanced Defense Systems has a rich history of collaboration with India's defense industries, resulting in multiple joint ventures, subsidiaries, as well as fruitful information sharing. These partnerships, over past two decades, have led RAFAEL to invest over $250 million in the country through its Make-in-India initiative.
Shares of BHARAT FORGE LTD. was last trading in BSE at Rs.443 as compared to the previous close of Rs. 454.15. The total number of shares traded during the day was 57527 in over 1839 trades.
The stock hit an intraday high of Rs. 455.05 and intraday low of 439.55. The net turnover during the day was Rs. 25573401.