AIA Engineering Limited has informed the Exchange about Bagging/Receiving of orders/contracts Vega Industries Chile SpA, Chile, a Wholly-Owned Step-Down Subsidiary of the Company has received an order of USD 32.90 Mn. (Approx. INR 291 Crores) from a Copper Mine in Chile for supply of Grinding Media.
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AIA Engineering's wholly-owned step-down subsidiary, Vega Industries Chile SpA, has secured an order worth USD 32.90 million (approximately INR 291 Crores) from a copper mining company in Chile. The order is for the supply of Grinding Media, which is AIA Engineering's core product line used in mining and mineral processing. Since the order is bagged by a wholly-owned subsidiary, the full economic benefit accrues to AIA Engineering. The order is denominated in US dollars, providing a natural hedge against rupee depreciation. This strengthens the company's presence in the Latin American mining belt and adds to its visible order book.
Positive for near-term revenue and earnings visibility; reinforces AIA Engineering's strong positioning in the global grinding media market and supports the order inflow momentum.