Hyderabad-based Apollo Micro Systems Ltd (AMSL), which offers technology-based solutions across sectors such as aerospace and defence, has informed exchanges that it has signed an initial agreement with the Telangana government to invest Rs 1,500 crore in manufacturing defence products. As per the information shared, the memorandum of agreement (MoU) was signed in Hyderabad on Monday. Under this MoU, the defence company, along with its subsidiaries and step-down subsidiaries, will establish a greenfield project in Telangana.
AMSL aims to expand the company's manufacturing
The company said it aims to expand its manufacturing and explosive filling capabilities with an estimated investment of around Rs 1,500 crore.
"The project will establish state of art facilities for the production and filling of Warheads for missiles, Rocket Motors, Small, Medium, and Large Calibre Artillery Systems, and Ammunition in addition to the development of complete Ammunition Systems for Artilleries, Rockets and Other Armaments," the company said in an exchange filing.
The defence firm said that it will cater to both domestic and overseas demand requirements.
This expansion aligns seamlessly with the Government of India’s Aatmanirbhar Bharat vision. The state government will extend facilitation to the company in obtaining all necessary permissions, registrations, approvals, clearances, and applicable fiscal incentives from the concerned state departments, in accordance with existing policies, rules, and regulations as stated in the MoU.
Share price today
The stock started the trading session at Rs 240.45 against the previous close of Rs 248.85 amid a fall in the benchmark indices. Later, the counter touched an intraday high of Rs 246 and intraday low of Rs 236.45. Last seen, the counter was trading at Rs 240.50, a dip of 3.36 per cent from the previous close. The market cap of the company stood at Rs 8,072.13 crore.
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