Paramount Partners With Bharat Forge To Ramp Up Global Armoured Vehicle Manufacturing

UAE-headquartered Paramount, an aerospace and technology company, on Thursday, announced a broadening of its collaboration with partners Bharat Forge and Kalyani Strategic Systems to produce a wider range of armoured vehicles in India for Paramount's global customers.

The existing industrial partnership between Paramount and India-based engineering and technology conglomerate Bharat Forge Ltd and its subsidiary, Kalyani Strategic Systems, has to date resulted in the successful development and production of large volumes of the locally-made KM4 armoured vehicles for the Indian Army, the company said in the press release.

Bharat Forge's stock opened today at Rs 1100 apiece and closed 2.38% higher at Rs 1107.90 apiece on the BSE. The stock's intraday high was Rs 1119.50, while the low was Rs 1088.20.

The 52-week high for the stock is Rs 1121.40 apiece, and the 52-week low is Rs 677.85 apiece on the BSE. The stock gained 11.88% in 1 year, 15.92% in 2 years, 74.21% in 3 years and 77.26% in 5 years, respectively.

The company's market capitalization is Rs 51,572.86 crore.

Paramount Global CEO Steve Griessel said, "The global armoured vehicle market is undergoing a monumental shift and within such a dynamic environment, our partnership with Kalyani Strategic Systems has become ever more strategic. We are excited to broaden our partnership to include the development and production of 4x4 and 6x6 Infantry Combat Vehicles for customers around the world. We are very proud that our partnership is growing from strength to strength."

Neelesh Tungar, President - Defence, Bharat Forge Ltd, expressed, "We at Kalyani Strategic Systems have come a long way in developing and scaling-up our manufacturing of world class defence platforms and reliable specialist vehicle platforms with our deep technical and industrialization expertise. This continuing and growing partnership with Paramount substantiates the fact that the world considers India being ready to be "the manufacturing capital" for the global defence industry. We are committed to take this successful partnership to further greater heights, supporting the ability of Paramount to serve its global customers.

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