Anshuni Limited receives Rs 682 crore letter of interest for supply of 155mm shells
Jun 14, 2024
Mumbai (Maharashtra) [India], June 14 : Anshuni Commercials Limited, a group company, has announced a major development in its business operations.
The company, through its subsidiary Nibe Ordnance Global Limited, has received a Letter of Interest (LOI) from Munitions India Limited (MIL) for the supply of 155mm M107 Empty Shells.
This transaction, valued at Rs. 682.15 crore, underscores Anshuni Commercials' growing presence in the defence procurement market.
According to the intimation filed with BSE Limited, Anshuni Commercials detailed the essential aspects of the LOI as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The LOI specifies the supply of 2,50,000 units of 155mm M107 Empty Shells, adhering to MIL's technical specifications.
The supply period for these shells is slated from October 2025 to December 2030, contingent upon the finalization of contracts with the ultimate buyers or end-users identified by MIL.
The LOI received from MIL pertains to a domestic entity, indicating the robust demand within India's defence sector for specialized ammunition.
This contract represents a milestone for Anshuni Commercials as it expands its portfolio in defence supplies, leveraging its subsidiary's capabilities in meeting stringent technical requirements and delivery timelines.
The transaction does not involve any interests from Anshuni Commercials' promoters, promoter group, or associated companies, ensuring compliance with regulatory guidelines on related party transactions.
Moreover, the company confirmed that the LOI is not classified under related party transactions and is conducted at arm's length.
In conclusion, the receipt of this substantial Letter of Interest positions Anshuni Commercials Limited favorably within the defence procurement landscape, highlighting its capacity to secure and execute high-value contracts in collaboration with strategic partners like Munitions India Limited.
The company remains committed to delivering excellence in defence supplies while adhering to the highest standards of corporate governance and regulatory compliance.
For further updates and information, shareholders and stakeholders are encouraged to refer to the disclosures available on the BSE Limited platform and the official website of Anshuni Commercials Limited.
