December 1, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

Triveni Engineering share price rises 4% on agreement with GEAE Technology USA

Under the agreement, GEAE Technology USA has licensed Triveni to locally manufacture the LM2500 gas turbine’s base frame, acoustic enclosure, and lubricating oil skid and supply other source-controlled accessories that go into the LM 2500 gas turbine enclosure assembly.

Triveni Engineering & Industries share price rose 4 percent to Rs 195.75 intraday on November 23 after the company signed a 10-year business agreement with GEAE Technology USA to locally manufacture the LM2500 gas turbine base and enclosure.

Triveni Engineering & Industries signed a 10-year business agreement with GEAE Technology USA to locally manufacture the LM2500 gas turbine base and enclosure,” company said in the release.

Under the agreement, GEAE Technology USA has licensed Triveni to locally manufacture the LM2500 gas turbine’s base frame, acoustic enclosure, and lubricating oil skid and supply other source-controlled accessories that go into the LM 2500 gas turbine enclosure assembly.

The LM2500 is the chosen propulsion gas turbine by the Indian Navy for many of its surface combatant vessels.

The LM2500 gas turbine, with power ranging from 25 MW to 35 MW, are best in class naval propulsion gas turbines and are in service with over 40 navies globally.

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“This agreement is another major step towards indigenisation of LM 2500 gas turbine and accessories in line with the ‘Make in India’ policy of the Government of India,” said Tarun Sawhney, Vice Chairman & Managing Director, Triveni Engineering & Industries Limited.

“We believe this arrangement is a major step in bringing the high-end technology indigenously to the Indian Defence as part of a long-term plan, which we at Triveni are well poised to contribute further through a strong portfolio of current and upcoming products,” he added.

At 09:30 hrs Triveni Engineering and Industries was quoting at Rs 195.75, up Rs 7.60, or 4.04 percent on the BSE.

Moneycontrol News

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