CG Power and Industrial Solutions announced on Tuesday that it has secured an order worth Rs 450 crore for supplying railway products for Vande Bharat trainsets.
In addition to this purchase order, a separate 35-year service agreement is also part of the long-term contract, the company said.
“CG Power and Industrial Solutions Ltd (CG) has entered into a long-term supply agreement with Kinet Railway Solutions Limited for the supply and servicing of railway products, including propulsion kits with motors, transformers, and other components,” the company stated in a BSE filing.
The first purchase order of between Rs 400-450 crore has been secured for the supply of railway products for 10 Vande Bharat trainsets.
What does CG Power and Industrial Solutions do?
With an 86-year legacy, CG has built a strong presence in the railway sector, offering a diverse portfolio that includes traction machines & systems, rail transportation traction electronics, and more.
A leader in the Electrical Engineering Industry, the company operates through two business divisions—Industrial Systems and Power Systems. Since November 2020, CG has been a part of the esteemed Murugappa Group.
Stock Performace
Shares of CG Power and Industrial Solutions closed 2.63 per cent higher to Rs 612.50 and touched an intraday high of Rs 613, and a low of Rs 583.05 on Tuesday’s session. The stock skyrockets 11,793.20 per cent in the last five years, and 30.47 per cent in the last 12 months.
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