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Informist, Thursday, Nov. 28, 2024

 

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--Andhra govt: Allotted 1,000 acres to Bharat Forge arm for defence mfg unit 
--Andhra govt: Bharat Forge arm Kalyani Strategic to pay INR 700,000/acre 
--Andhra govt: May allot 500 acres more to Bharat Forge arm if needed 
--Andhra govt: Bharat Forge arm to set up defence mfg unit at Madakasira 
--Andhra govt: Bharat Forge arm has committed investment of INR 24 bln

 

By Narayana Krishna

 

HYDERABAD – The Andhra Pradesh government has approved the allocation of 1,000 acres of land to Kalyani Strategic Systems Ltd, a wholly owned subsidiary of Bharat Forge Ltd, at a cost of INR 700,000 per acre at Murranahalli village, Madakasira, Andhra Pradesh. The state government issued an order to this effect on Tuesday, reviewed by Informist.

 

According to the document, Kalyani Strategic Systems will set up a defence energetics facility with an ammunition filling complex and a gun propellant complex. The location is close to Bengaluru and is strategically situated to develop a manufacturing ecosystem for defence companies, a senior official of the state industry department said. The company has committed to investing INR 24 billion in the facility in two phases, the official said.

 

While Kalyani Strategic submitted its proposal on Nov. 8, the state investment promotion board approved it on Nov. 16, and the state government approved the same on Tuesday.

 

The state government also assured the company of allocating an additional 500 acres of land as and when required for its expansion. Kalyani Strategic has also proposed the future expansion of the facility into missiles, warheads, and energetics in the defence sector. Besides the allocation of land, the state government has offered various incentives such as subsidised power, water, and basic infrastructure around the facility, along with applicable tax incentives. 

 

At 1116 IST, shares of Bharat Forge were trading at INR 1343.10 on the National Stock Exchange, up 1.3% from its previous close.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Deepshikha Bhardwaj

 

 

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