Bharat Forge and Paramount Group enter MoU; stock trades ~2% higher

16 Feb 2023 , 01:32 PM

Bharat Forge Ltd and Paramount Group, a global aerospace and technology company, signed a Memorandum of Understanding (MoU) today at Aero India for the development and production of Mission Systems, Composite Rotor Blades, and Stores Management systems for Medium Lift Helicopters.

Guru Biswal (CEO - Aerospace, Bharat Forge) and Clifford Dewell (SVP, Paramount Group) signed the MoU in the presence of senior officials from both companies.

The CEO of Bharat Forge's Aerospace Division, Guru Biswal, stated that the Memorandum of Understanding (MoU) with M/S Paramount demonstrates their dedication to advancing an 'Atmanirbhar Bharat' by developing cutting-edge technologies that will meet the needs of India and the world. 

This partnership will concentrate on establishing a 'Centre of Excellence' in India for the design, development, and production of Composite Rotor Blades, Mission Systems, and Stores Management systems for Rotary Wing platforms. This design and manufacturing center will support all future programs both domestically and internationally.

Following this development, Bharat Forge was trading 2.09% higher at Rs853.20, against the previous close of Rs835.70 on NSE. The counter touched an intraday high and low of Rs859 and Rs835 respectively.

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