Tata Power bags contract from Ministry of Defence worth Rs 490 crore

Tata Power Limited’s strategic engineering division (SED) has signed the Pinaka 3 contract with the Ministry of Defence, Government of India. Pinaka multi-barrel launcher rocket system is an all-weather indirect fire artillery rocket system.

The contract is awarded for two regiments of the Pinaka multiple rocket launcher systems, which is worth Rs 490 crore. It is to be executed within 31 months after accord of bulk production clearance (BPC) and after the first off production model (FOPM) (which has a timeline of 6 months after contract signing) is validated and BPC is granted.

Earlier in the June quarter, Tata Power’s SED had bagged a contract worth Rs 1,200 crore from the Ministry of Defence for modernisation of infrastructure of 37 airfields of the Indian Airforce, Indian Navy, and Indian Coast Guard.

During the June quarter, the company won new renewable bids totalling 220 MW. It completed the sale of ships worth USD 212.76 million. Its solar EPC order book stood at Rs 8,700 crore.

Tata Power is India’s largest integrated power company and together with its subsidiaries & jointly controlled entities, has an installed capacity of 12,742 MW. It has a presence across the entire power value chain-generation of renewable as well as conventional power including hydro and thermal energy, transmission & distribution, trading, and coal & freight logistics.

On Thursday, the stock of Tata Power opened at Rs 61.10. During the day, it made an intraday high and a low of Rs 61.60 and Rs 59.90 on BSE. It got closed at Rs 60.70.