Please find enclosed intimation under Regulation 30 of the SEBI Listing Regulations, 2015, pertaining to receipt of order by a wholly owned subsidiary of the Company.
KIRLOSBROS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Kirloskar Brothers' wholly owned UK subsidiary SPP Pumps Ltd has secured a significant order from Saipem Offshore Construction SPA for the supply of Vertical Pumps and Spares. The total order value is GBP 11.7 million (approximately Rs. 149.59 crore). The order is to be executed over 52-60 weeks and requires SPP to furnish a performance bond of 10% and a warranty bond of 5% of the contract value. SPP is the company's flagship international subsidiary with a leadership position in the UK pump industry. The order is from an international client and is not a related-party transaction.
This sizeable export order in a hard currency (GBP) strengthens SPP's order book and provides visible near-term revenue for the consolidated entity. It reinforces KBL's international business momentum, though the 10% performance bond ties up working capital during execution.