Tata Power, Larsen & Toubro gain as consortium shortlisted for defence project
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Shares of Larsen and Toubro (L&T) and Tata Power Company are trading higher between 3-4% on BSE after these companies were shortlisted for Battlefield Management System by Ministry of Defence.
At 1005 hours, Tata Power Company has surged 4% to Rs 86, while L&T up 3% at Rs 1,728 on BSE.
“Tata Power’s Strategic Engineering Division (Tata Power SED), in consortium with L&T, is one of the two down-selected Development Agencies for Ministry of Defence’s prestigious “MAKE” program “Battlefield Management Systems (BMS)”,” Tata Power, the lead of the consortium, said in a statement.
As per the requirement of the procurement procedure, both the selected parties will -- after finalisation of the system specification -- be tasked with development of "prototype systems" for which purpose 80 per cent cost will be funded by the government, L&T said in a statement.
The expected amount involved in the development phase will be clear only after the system specifications have been finalised but is expected to be around Rs 800 crore, it said.
The total order value in the production phase could be between Rs 40,000 crore and Rs 50,000 crore, it added.
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