After the announcement, shares of the company hit an all-time high on the BSE on Monday at Rs 736.5 apiece.
A month after making its debut in the share market, Sachin Tendulkar-backed Azad Engineering has inked a pact with Rolls-Royce, power and propulsion solutions provider. The duo will make complex defence aero-engine components in India. Under the long-term agreement, Hyderabad-based Azad Engineering will manufacture and supply complex components for defence aircraft engines and thus join the global supply chain for complex category components for Rolls-Royce's technologically advanced aero-engines, Rolls-Royce said in a statement.
After the announcement, shares of Azad Engineering hit an all-time high on the BSE on Monday at Rs 736.5 apiece. The company has now a market cap of Rs 4206 crore on NSE as of January 29. "It is informed that Rolls-Royce signs long-term contract of seven years with Azad Engineering Limited to produce/Supply critical engine parts for their Defence / Military Aircraft engines," the filing read.
Azad Engineering Founder and CEO, Rakesh Chopdar said, "Bringing these critical components to India not only showcases the capabilities of Azad Engineering, but also represents a pivotal moment for India's aerospace and defence industry, demonstrating the country's growing prowess in advanced manufacturing." Rolls-Royce said its ecosystem in India encompasses strategic local partnerships, joint ventures, robust supply chain, rich talent pool, engineering capability, digital solutions and service delivery capabilities.
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"Strong collaboration has been at the heart of Rolls-Royce's journey of success in India. As we work towards strengthening the defence ecosystem, we are happy to expand our supply chain in India in partnership with Azad Engineering," Rolls-Royce Executive Vice President Business Development and Future Programmes and Head of Global Networks, Alex Zino, said. The sourcing of complex components from India for aero-engine programmes further advances the goal of capability creation in the country, he added.
(With inputs from PTI)
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