KALYANI RAFAEL ADVANCED SYSTEMS BAGS RS 287.51 CRORE ORDER TO SUPPLY MISSILE SYSTEMS
The company is a joint venture between Kalyani Strategic Systems Ltd (a wholly-owned defence subsidiary of Bharat Forge Ltd) and Rafael Advanced Systems Ltd of Israel
Kalyani Rafael Advanced Systems Pvt Ltd (KRAS), a joint venture company between Kalyani Strategic Systems Ltd and Israel’s Rafael Advanced Systems Ltd, has received a contract worth ₹287.51 crore from the Ministry of Defence for supply of missile systems.
“The order is expected to be executed over the next 12 months,” Bharat Forge, the parent company of Kalyani Strategic Systems, said in a regulatory filing on Monday.
The announcement led to a spike of Bharat Forge stocks by 3.01 per cent on the National Stock Exchange (NSE), which traded at ₹1,053.50 on Monday. In 2019, the KRAS bagged a $100 million contract for the manufacturing of 1000 Barak-8 MRSAM missile kits for the Army and Air Force.
In the Kalyani Rafael Advanced Systems joint venture, Kalyani Strategic Systems Ltd, which is a 100 per cent owned subsidiary of Bharat Forge, holds a 51 per cent stake while the remaining is with Rafael.
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