December 24, 2024 07:17 pm (IST)
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Solar Industries inks Rs. 1,550 cr MoU with Maharashtra Govt for defence project
Mumbai, Feb 17 (IBNS): Manufacturer of industrial explosives and explosive initiating systems Solar Industries India Ltd has inked a Memorandum of Understanding (MoU) worth Rs 1,550 crore with the Government of Maharashtra to produce variety of ammunitions for armed forces.
This MoU, entered between 100% subsidiary Economic Explosives Limited and Government of Maharashtra, was signed on Tuesday during the ongoing Make In India Week event in Mumbai.
Under the partnership, the company will produce variety of ammunitions for armed forces. This project will be set-up at Nagpur and is expected to generate direct employment to more than 700 personnel.
The MoU was exchanged in presence of Chief Minister of Maharashtra Devendra Fadnavis, Minister of Industries, Government of Maharashtra, Subhash Desai, Union Minister for Road Transport Highway & Shipping Nitin Gadkari, Union Minister for Railways Suresh Prabhu, Union Minister for Environment and Forest Prakash Javdekar and Union Minster for Chemical and Fertilisers Ananth Kumar.
The company entered into defense sector four years ago and has commissioned HMX (high melting explosive) plant, composite propellant plant and various other products like pyros and war heads.
“The Government’s ‘Make in India’ programme, and its decision to allow private companies into the highly-regulated defence sector, has opened the door to the massive opportunity matrix in this segment. Utilising this window of opportunity, we have made a strategic entry into the defence segment with an eye on the huge untapped potential it offers for well-integrated entities like ours,” said Satyanarayan Nuwal, Chairman, Solar Industries India Ltd.
“It was a historic moment for Solar Group as we entered into an MoU with the government to set up project for our Armed Forces. The project is expected to be completed in a period of 24 months,” he added.
Solar Industries India Ltd will be building world class facilities to produce Bi-Modular Charge Systems (BMCS), fully integrated Rockets and New Generation of Hand Grenades.
While the facilities are being established with own strength of technical manpower and knowledge based, the knowhow for the products shall be obtained from Defence Research and Development Organisation (DRDO).
The facilities shall be completed in a period of 24 months and commercial production will start within next 12 consecutive months.
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