12th Jan 2022 09:38
(Alliance News) - Ultra Electronics Holdings PLC on Wednesday said it was awarded an integrated anti-submarine warfare defence suite programme contract with the Indian Navy.
The London-based aerospace and defence engineering company will produce selected frontline warships for the Indian Navy within the contract in partnership with Mahindra Defence Systems Ltd.
The deal is worth around GBP60 million to Ultra, it said.
Deliveries will begin in 2014 and are expected to be completed by 2030.
"This is another significant and strategic order for Ultra and our Sonar Systems business unit. We are very proud of and committed to this programme, and to our long-term partnership with Mahindra Defence to deliver outstanding solutions to the Indian Navy," Ultra Chief Executive commented.
Mahindra Defence Chair Shukla added: "Mahindra is looking forward to delivering integrated anti-Submarine warfare defence suites and further build partnerships with Ultra in other programmes."
Shares in Ultra Electronics down 1.1% at 3,088.00 pence each on Wednesday morning in London.
By Abby Amoakuh; [email protected]
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