Hyderabad-based Azad Engineering has signed a six-year long-term supply agreement with GE Vernova Power, part of GE Steam Power GmbH, to manufacture and supply precision components for the global power sector.
The contract, valued at approximately Rs 452.5 crore (around $53.5 million), covers the supply of highly engineered rotating and stationary airfoils. These components are critical for advanced nuclear, industrial, and thermal power applications and will cater to GE Vernova’s global demand from its base in Baden, Switzerland.
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The deal marks a significant milestone in Azad Engineering’s relationship with GE Vernova and further cements the Indian manufacturer’s position as a trusted supplier of complex, mission-critical components in the global energy landscape.
"This agreement represents a robust step towards strengthening our strategic partnership with GE Vernova and expanding our presence in the global power generation ecosystem," the company said in a stock exchange filing.
The contract will be executed over six years, underlining the long-term nature of the collaboration and the rising contribution of Indian precision engineering firms to global industrial supply chains.
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In January, the company announced it had penned a long-term supply agreement with US-based GE Vernova International to deliver complex rotating and stationary airfoils for advanced gas turbine engines.
In a regulatory filing, it said that this is a six-year contract worth $112 million (approximately Rs 960 crore) with GE Vernova, a significant step in strengthening its position in the advanced gas turbine engine market. These critical components aim to meet the evolving demands of the global power generation industry.
The Hyderabad-based company highlighted that this agreement aligns with its strategy to emerge as a leading player in the niche field of gas turbine component manufacturing. This is the company's second order in less than 3 months. In November 2024, Azad Engineering signed a long-term contract and price agreement (LTCPA) with Japan's Mitsubishi Heavy Industries Ltd, valued at $82.89 million (around Rs 700 crore).
The share price of the company closed at Rs 1,551, down 2 percent from the last close on the NSE. Given the recent market rally, Azad Engineering has rallied 12 percent last month.
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