Moneycontrol
Feb 12, 2018 10:10 AM IST | Source: Moneycontrol.com

CG Power advances 4% on order win worth USD 55 mn in Indonesia

A meeting of the board of directors of the company is scheduled to be held on February 12, to consider and approve, amongst other businesses, the unaudited financial results, on standalone as well as consolidated basis, of the company for the 3rd quarter and nine months ended December 31, 2017.

 
 
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Shares of CG Power and Industrial Solutions added 4 percent intraday Monday on order win by subsidiary company in Indonesia.

Avantha Group Company, CG Power Systems Indonesia, a wholly owned subsidiary of CG Power & Industrial Solutions, has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of Power Transformers valued at IDR 744 billion (USD 55 million).

This project is the first of its kind to be funded by Islamic Development Bank to support PLN’s ambitious goal to enhance its Transmission Grid performance.

The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW Fast Track Program.

CG Power will complete the supplies against the order by December 2018.

The scope of work includes site survey, design, manufacturing, supply and installation of 64 units (4400 MVA) of Power Transformers in PLN regions spread from Aceh to Papua over Sumatra, Java, Kalimantan, Sulawesi, Papua and Malukku Islands of Indonesia.

"We thank PT PLN Indonesia for this significant win which reinforces their trust in CG. This win further endorses our commitment towards making world class products for Global markets, said K. N. Neelkant, CEO & Managing Director, CG, Avantha Group Company.

A meeting of the board of directors of the company is scheduled to be held on February 12, to consider and approve, amongst other businesses, the unaudited financial results, on standalone as well as consolidated basis, of the company for the 3rd quarter and nine months ended December 31, 2017.

At 10:05 hrs CG Power and Industrial Solutions was quoting at Rs 90.80, up Rs 2.35, or 2.66 percent on the BSE.

Posted by Rakesh Patil
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