Hirect Limited has submitted a regulatory disclosure pursuant to Regulation 30 of the SEBI Listing Regulations, 2015, to inform the exchanges of a new contract award.
The company has secured its maiden order for Mainline Electric Multiple Unit (MEMU) trainsets. The order was awarded by Modern Coach Factory (MCF)/Indian Railways, a domestic entity.
The nature of the contract is for the supply of complete Propulsion Systems for 4 MEMU trainsets. The significant terms and conditions of the contract are stated to be as per the standard terms and conditions of the Railway. The order is to be executed within a period of 24 months from the date of the disclosure.
The broad consideration or size of the order is approximately ₹60 crores.
The company has confirmed that its promoters, promoter group, or group companies do not have any interest in Modern Coach Factory (MCF)/Indian Railways. Furthermore, the company has stated that this order does not constitute a related party transaction.
The disclosure was signed and submitted by Suhas Gopal Pawar, Company Secretary & Compliance Officer (ACS-36560) of Hirect Limited.