Paramount, the leading global aerospace and technology company headquartered in the UAE, today announced a broadening of its development and manufacturing partnership with Indian industrial conglomerate, Bharat Forge Ltd and Kalyani Strategic Systems, to produce a wider range of armoured vehicles in India for Paramount's global customers.
The existing industrial partnership between Paramount and India-based engineering and technology conglomerate Bharat Forge Ltd and its subsidiary, Kalyani Strategic Systems, has to date resulted in the successful development and production of large volumes of the locally-made KM4 armoured vehicles for the Indian Army.
Announced at the London-based Defence and Security Equipment International Conference (DSEI 2023), the companies are looking to leverage the strong industrial capabilities and engineering excellence of the Kalyani Strategic Systems to develop and manufacture armoured vehicles for Paramount's global customers, in step with Paramount's conƟnued global expansion and production strategy.
Paramount Global CEO Steve Griessel stated, "The global armoured vehicle market is undergoing a monumental shift and within such a dynamic environment, our partnership with Kalyani Strategic Systems has become ever more strategic. We are excited to broaden our partnership to include the development and production of 4x4 and 6x6 Infantry Combat Vehicles for customers around the world. We are very proud that our partnership is growing from strength to strength."
Neelesh Tungar, President - Defence, Bharat Forge Ltd, expressed, "We at Kalyani Strategic Systems have come a long way in developing and scaling-up our manufacturing of world class defence platforms and reliable specialist vehicle platforms with our deep technical and industrialization expertise. This continuing and growing partnership with Paramount substantiates the fact that the world considers India being ready to be "the manufacturing capital" for the global defence industry. We are committed to take this successful partnership to further greater heights, supporting the ability of Paramount to serve its global customers.
DSEI 2023 is recognised as the most significant and largest iteration of the show in its 24-year history, and this year addresses the theme of 'Achieving an Integrated Force' - showcasing the impetus behind integration across the five operational domains of Air, Cyber, Electromagnetic Activities (CEMA), Land, Sea, and Space.
Shares of Bharat Forge Limited was last trading in BSE at Rs. 1107.90 as compared to the previous close of Rs. 1082.15. The total number of shares traded during the day was 42693 in over 2213 trades.
The stock hit an intraday high of Rs. 1119.50 and intraday low of 1088.20. The net turnover during the day was Rs. 47197800.00.