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Azad Engineering Limited announced on November 3, 2024, that it has signed a Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Limited (MHI) of Japan, valued at approximately $82.89 million (₹700 crores). The five-year contract focuses on supplying highly engineered and complex rotating and stationary airfoils for advanced gas and thermal power turbine engines.
The shares of Azad Engineering Limited were trading at ₹1,598.45 up by ₹136.65 or 9.35 per cent on the NSE today at 12.20 pm.
The agreement aims to meet MHI’s global demand in the power generation industry. The announcement confirmed that there is no shareholding relationship between the parties, and the contract does not fall under related party transactions.
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