Bharat Electronics wins order from Defence Ministry

Bharat Electronics Limited (BEL) informed the exchanges on Friday that it has signed the contract with Ministry of Defence, Govt. of India on 13th September, 2019 for procurement of Seven Squadrons of Akash Missile System for Indian Air Force.

"An Akash system comprises 3D passive electronically scanned array radar and four launchers with three missiles each, interlinked," said the statement.

The company added that this is a turnkey contract with specialist infrastructure. The total value of the contract is Rs. 5357.00 crores and the delivery will be completed in 3 years. These systems will be commissioned at seven Air Force locations spread across Pan India.

Earlier also, the company had supplied the medium-range missile defence system to six Air Force squadrons in 2015-16 against an order by the MoD. The missiles are designed and developed by the state-run Defence Research and Development Organisation (DRDO) and produced by the Hyderabad-based Bharat Dynamics Ltd for BEL's radars and control centres across the country.

Bharat Electronics Ltd. (BEL) is state-owned aerospace and defence company that primarily manufactures advanced electronic products for the Indian Armed Forces.

On Friday, the shares of Bharat Electronics Ltd. had closed on BSE at Rs.108.70 as compared to the previous close of Rs. 108.00. The stock hit an intraday high of Rs. 109.40 and intraday low of 105.50.