L&T hits 52-week high on DRDO contract for AIP System Modules for Indian Navy submarines
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On realisation and integration of these modules in the submarines, India will join an elite club of a handful of nations who have indigenously developed fuel cell based submarine AIP technology which is critical for increasing the endurance of conventional submarines, according to a press release from L&T
L&T, DRDO sign contract for AIP System Modules of submarines of Indian Navy
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Larsen & Toubro Ltd, commonly known as L&T, announced on June 22 the signing of a contract with DRDO for realisation of two Air Independent Propulsion (AIP) System Modules for Kalvari Class of Submarines of the Indian Navy.
These modules constitute the core of the fuel-cell based AIP System, developed by Naval Materials Research Laboratory (NMRL) of DRDO with L&T as prime industry partner, L&T said in a press release. The Energy Modules (EMs) comprising Fuel Cells produce the required power, along with on-board Hydrogen generation.
Following this development, the stock hit a fresh 52-week high of Rs 2,424 on the exchanges. The stock closed 0.9 percent higher at Rs 2,416.
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On realisation and integration of these modules in the submarines, India will join an elite club of a handful of nations who have indigenously developed fuel cell based submarine AIP technology which is critical for increasing the endurance of conventional submarines, the press release added.
Commenting on the development, Arun Ramchandani, Executive Vice President and Head-L&T Defence, said, “L&T is privileged to be associated with accomplishing the dream of realising an indigenous AIP system and mark India’s joining a select group of few nations who have developed the requisite technology . Our commitment to nation-building continues to be as strong as ever and establishes yet another milestone in our journey to fulfil India’s aspirations to become Atmanirbhar in critical technologies.”
L&T is the recipient of Transfer of Technology (ToT) for this DRDO developed AIP System. The Transfer of Technology documents for the same were handed over by Defense Minister Rajnath Singh in presence of Chief of Defence Staff and Navy Chief during Aero India 2021 In Bangalore.
The manufacturing, integration and factory acceptance trials of the EMs will be undertaken in L&T’s AM Naik Heavy Engineering Complex at Surat.
On June 19, L&T also emerged as the lowest bidder for the 135.45km section of the Mumbai-Ahmedabad High Speed Rail project between Shilphata and Zaroli in Maharashtra and three elevated bullet train stations at Thane, Virar and Boisar. The company is said to have placed the bid at Rs 15,697 crore. According to Macquarie, this bid value is one of the largest order wins.
