"This win affirms L&T's position as India's leading private sector defence company with capabilities to design, develop and manufacture state-of-the-art platforms and systems for the Indian armed forces," the company said in a statement.
L&T, supported by its South Korean technology partner Hanwha Tech Win (HTW), had bid for this 'Buy Global' acquisition programme of the Ministry of Defence in 2011.
After successful completion of the trials for the programme, L&T was declared the sole qualified bidder based on the performance of its K9 VAJRA-T.
The gun is an enhanced version of HTW's K9 Thunder with modifications for desert operations.
On April 21, L&T and HTW signed a contract for this programme here.
Generally, artillery guns are towed by trucks but self-propelled guns are either mounted on a wheeled or tracked chasis, allowing them to move on their own.
As per the contract requirements, L&T is expected to deliver 100 guns in 42 months.
In addition to the guns, the contract also includes engineering support package and maintenance transfer of technology to support gun regiments throughout their life cycle.
"These guns will have over 50 per cent indigenous content and will be delivered from L&T's manufacturing facilities, including a new Armoured Systems Complex at Hazira," it added.
First ten systems will be imported from South Korea and rest 90 will be manufactured in India.
After last year's deal of the Ministry of Defence with BAE systems for procurement of 145 M777 ultra-light artillery guns, this is the second artillery gun purchase agreement that will boost the Indian Army's fire power.
The company's scrip price at the BSE increased by 0.19 per cent or more than Rs 3 to Rs 1,739.50 from its previous close of Rs 1,736.25.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
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