Update on Subsidiary Company - Globe Forge Limited
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Global Defence Industries' subsidiary Globe Forge Limited has commenced commercial production of artillery shells at its manufacturing facility in MIDC, Shirdi, Maharashtra. The facility was formally inaugurated by Defence Minister Rajnath Singh, Maharashtra CM Devendra Fadnavis, and Chief of Defence Staff General Anil Chauhan on May 23, 2026. This marks the company's entry into advanced artillery shell manufacturing, aligning with India's Atmanirbhar Bharat initiative for indigenous defence production. The company positioned this as a milestone for India's defence manufacturing ecosystem, serving national strategic requirements.
Positive development for shareholders as the subsidiary is now commercially operational in defence manufacturing. The high-profile inauguration signals strong government backing, potentially positioning the company for future defence orders. However, no specific orders or revenue figures were disclosed in this filing.