Business News | Zen Technologies Bags Rs 155 Crore Order from IAF, Stock Up 10 Pc
Get latest articles and stories on Business at LatestLY. Defence training solutions provider Zen Technologies said on Friday it has secured an order of Rs 155 crore from Indian Air Force (IAF) for supply of counter unmanned aircraft systems (CUAS).
Hyderabad (Telangana) [India], September 3 (ANI): Defence training solutions provider Zen Technologies said on Friday it has secured an order of Rs 155 crore from Indian Air Force (IAF) for supply of counter unmanned aircraft systems (CUAS).
The company said it emerged as the lead runner on the back of superior product quality at at competitive pricing. The order will be carried out in a year.
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This is Zen Technologies' first significant order in the anti-drone space. The company remains confident of securing additional orders in future.
Ashok Atluri, Chairman, Managing Director and CFO said the order is a significant step toward making India a drone and counter-drone technology export hub.
"These orders placed on Indian companies can have a multiplier effect on the Indian equipment manufacturers ecosystem because products like anti-drone systems have a high export potential to friendly foreign countries," he said in a statement.
Zen Technologies builds systems for imparting defence training and measuring combat readiness of security forces. With a dedicated R&D and production facility, the company has applied for over 90 patents and shipped more than 1,000 training systems around the world.
At 10:40 am, the company's stock was trading 9.98 per cent higher on BSE Ltd at Rs 153.75 per unit. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)