Kirloskar Brothers Limited disclosed that its wholly owned material subsidiary, SPP Pumps Ltd, UK ('SPP'), has secured a significant order from Saipem Offshore Construction SPA ('Saipem').
The order is for the supply of Vertical Pumps and Spares, aggregating to GBP 11,674,520 (approximately ₹149.59 crore).
Key Contract Details:
- Awarding Entity: Saipem Offshore Construction SPA
- Nature of Contract: Supply of Vertical Pumps and Spares
- Contract Value: GBP 11,674,520 (approx. ₹149.59 crore)
- Execution Timeline: 52-60 weeks from the receipt of the order
- Geographic Scope: International transaction
- Significant Terms: SPP is required to issue a Performance Bond equal to 10% of contract value and a Warranty Bond equal to 5% of contract value
Corporate Relationships:
- No promoter/promoter group/group companies have any interest in Saipem Offshore Construction SPA
- The order does not qualify as a related party transaction
- The transaction is conducted at arm's length
Subsidiary Context:
SPP Pumps Ltd is described as the Company's flagship international subsidiary with a leadership position in the UK pump industry. The company characterizes this as a "prestigious order" for SPP.