Update on Subsidiary Company - Globe Forge Limited
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Nibe Ordnance and Maritime's subsidiary, Globe Forge Limited, has signed a contract with a leading global defence company to supply Empty Shells. The deal is worth USD 64 Million (approximately INR 568.64 Crores). The order has been awarded by an international entity, and the promoter group has no interest in the buyer. The contract will be delivered in tranches with full execution targeted by February 2028. The order is subject to statutory and regulatory approvals from authorities in both countries. The company is not disclosing the name of the defence customer.
This is a large export order in a hard currency (USD) and could be a meaningful revenue boost for the company if executed on time. However, the multi-year delivery timeline and pending regulatory approvals introduce execution risk that shareholders should monitor.