The Tata Group's aerospace and defence (A&D) revenues are expected to reach about Rs 2,650 crore in the current financial year. This would mean an increase of 7.5 percent from last year.
In five years, the group's A&D sector has grown at a compound rate of 18 percent, Mukund Rajan, member group executive council and custodian of Tata Sons, was quoted as saying by the Economic Times.
Some of the Tata Group companies such as Tata Motors, Tata Consultancy Services, Tata Power, Tata Technologies and Tata Steel, and Tata Advanced Systems Limited and its subsidiary Tata Advanced Materials provide support to India's A&D sector.
In January, Tata Motors received an order from the Indian Army for the purchase of 619 new high mobility trucks valued at approximately Rs 350 crore. The trucks are to be designed for extreme missions, including carrying heavy weaponry load from the deserts of Rajasthan to icy terrains in Ladakh.
Tata Motors, Bharat Forge and General Dynamics formed an alliance to bid for building infantry vehicles, which will be supplied to the Indian Army under the Future Infantry Combat Vehicle (FICV) programme. The project was worth Rs 78,000 crore. With Tata Motors and Bharat Forge joining hands, the number of bidders for the army contract reduced to nine last month, Business Standard reported.
Tata Motors Ltd stock closed at Rs 359.85 Wednesday, down 0.22 percent from its previous close.
[1 lakh = 100,000 | 1 crore = 10 million | 100 crore = 1 billion]
