Latest news with #RakeshChopdar
Time of India
05-05-2025
- Business
- Time of India
Azad Engg inks $53.5M supply deal with GE Vernova's steam power services biz unit
Hyderabad: Precision engineering player Azad Engineering inked an additional long-term supply contract valued at $53.5 million with GE Vernova 's steam power services business unit. Tired of too many ads? go ad free now As part of the contract, Hyderabad-based Azad Engineering will manufacture and supply highly engineered and complex rotating and stationary airfoils for advanced nuclear, industrial, and thermal power. The contract, which will be for a period of six years until 2030, comes soon after Azad Engineering opened a 7,600 sq mt dedicated lean manufacturing facility for GE Vernova at Tunikibollaram on the outskirts of Hyderabad. The company said the milestone will strengthen its existing strategic long-term relationship with GE Vernova's steam power services business unit and position it as a trusted supplier of high-performance components and systems for their advanced turbine systems and essential industries. Azad Engineering chairman & CEO Rakesh Chopdar said the additional contract represents a significant milestone in the company's strategic relationship with GE Vernova that dates back to 2013. "We overcame rigorous qualification processes, mastered precision tolerances measured in microns, and conquered numerous engineering challenges. This six-year agreement through 2030 strengthens our position in the global power generation supply chain and validates our precision engineering capabilities for critical applications," Chopdar said. "The contract reinforces our commitment to investing in advanced manufacturing capabilities and skilled talent, enabling us to deliver highly engineered airfoils for nuclear, industrial, and thermal power industries worldwide," he added.
Time of India
05-05-2025
- Business
- Time of India
Azad Engg bags $53.5 million contract from GE Vernova's steam power services unit
Azad Engineering chairman & CEO Rakesh Chopdar while signing contract with GE Vernova HYDERABAD: Precision engineering player Azad Engineering has inked an additional long-term supply contract valued at $53.5 million with GE Vernova 's steam power services business unit. As part of the contract, Hyderabad-based Azad Engineering will manufacture and supply highly engineered and complex rotating and stationary airfoils for advanced nuclear, industrial, and thermal power. The contract, which will be for a period of six years till 2030, comes soon after Azad Engineering opened a 7,600 sq mt dedicated lean manufacturing facility for GE Vernova at Tunikibollaram on the outskirts of Hyderabad. The company said the milestone will strengthen its existing strategic long-term relationship with GE Vernova's steam power services business unit and position it as a trusted supplier of high-performance components and systems for their advanced turbine systems and essential industries. Azad Engineering chairman & CEO Rakesh Chopdar said the additional contract represents a significant milestone in the company's strategic relationship with GE Vernova that dates back to 2013. 'We've overcome rigorous qualification processes, mastered precision tolerances measured in microns and conquered numerous engineering challenges. This six-year agreement through 2030 strengthens our position in the global power generation supply chain and validates our precision engineering capabilities for critical applications,' Chopdar said. 'The contract reinforces our commitment to investing in advanced manufacturing capabilities and skilled talent, enabling us to deliver highly engineered airfoils for nuclear, industrial, and thermal power industries worldwide,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
05-05-2025
- Business
- The Hindu
Hyderabad firm Azad Engineering bags $53.5 million GE Vernova's SPS supply contract
Precision engineering firm Azad Engineering has signed a $53.5 million long-term supply contract with GE Vernova's Steam Power Services business unit. Under the six-year contract, till 2030, the Hyderabad-based Azad will manufacture and supply highly engineered and complex rotating and stationary airfoils meant for advanced nuclear, industrial and thermal power industries. Signing of the contract comes days after Azad Engineering inaugurated a 7,600-square metre lean manufacturing facility in Tunikibollaram, Hyderabad, designed specifically to meet capacity commitments to GE Vernova's SPS business unit. The latest agreement strengthens Azad Engineering's existing strategic long-term relationship with the GE Vernova's business unit, positioning it as a trusted supplier of high performance parts/ systems for their advanced turbine systems and essential industries, the company said on Sunday, in a release. The company's relationship with GE Vernova's Steam Power Services business unit dates back to 2013, Azad Engineering chairman and CEO Rakesh Chopdar said. In March 2024, it had secured a $35-milllion, seven-year contract with GE Vernova's SPB. 'We have overcome rigorous qualification processes, mastered precision tolerances measured in microns and conquered numerous engineering challenges. The contract reinforces our commitment to investing in advanced manufacturing capabilities and skilled talent, enabling us to deliver highly engineered Airfoils for...', he said. Azad has been investing in expanding manufacturing capabilities as part of a focus on long-term partnerships with global original equipment manufacturers across aerospace, defence, energy as well as oil and gas sectors.
Business Upturn
05-05-2025
- Business
- Business Upturn
Azad Engineering shares jump 4% on Rs 452.48 crore long-term supply agreement with GE Steam Power GMBH
Azad Engineering shares surged by 4% in morning trade following the announcement of a significant milestone. The company has entered into a Long Term Supply Agreement with GE Steam Power GMBH, part of GE Vernova Power in Switzerland. This partnership involves the manufacturing and supply of intricate rotating and stationary airfoils for the nuclear, industrial, and thermal power sectors. The current phase of the contract is valued at approximately USD 53.5 million (Rs 452.48 crore), aimed at fulfilling GE Vernova's global demands within power generation and essential industries. In addition, Azad Engineering has inaugurated a state-of-the-art 7,600 sq. meter lean manufacturing facility in Tunikibollaram, Hyderabad. This new Centre of Excellence & Innovation Centre will support GE Vernova's Steam Power Services, marking a crucial step in strengthening their long-term collaboration. The facility's launch was attended by senior leaders from both companies, including Azad Engineering's Chairman and CEO, Rakesh Chopdar. Azad Engineering shares are currently trading at ₹1,585.00, with a high of ₹1,649.90 and a low of ₹1,582.00 for the day. The stock has seen a 52-week high of ₹2,080.00 and a 52-week low of ₹1,159.45. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
United News of India
04-05-2025
- Business
- United News of India
Hyd: Azad Engineering signs $53.5 mn contract with GE Vernova's Steam Power Services
Hyderabad, May 4 (UNI) Azad Engineering, a global leader in precision engineering, on Sunday announced the signing of an additional long-term supply contract with GE Vernova's Steam Power Services business unit. The contract, valued at $53.5 million, will span six years till 2030, the Hyderabad-based company said in a release here. This additional contract is a key milestone following the recent inauguration ceremony of Azad Engineering's 7,600 sq. mts. lean manufacturing facility dedicated to meeting volume capacity obligations of Azad Engineering in Tunikibollaram, Hyderabad, India. Under this contract, Azad Engineering will manufacture and supply highly engineered and complex rotating and stationary Airfoils for advanced nuclear, industrial, and thermal power industries. This milestone strengthens Azad Engineering's existing strategic long-term relationship with GE Vernova's Steam Power Services business unit positioning their company as a trusted supplier of high performance parts/systems for their advanced turbine systems and essential industries. Mr. Rakesh Chopdar, Chairman and CEO of Azad Engineering, said e 'The $53.5 million additional long-term contract with GE Vernova's Steam Power Services business unit represents a significant milestone in our strategic relationship that dates back to 2013. This contract also coincides with the recent inauguration of our lean manufacturing facility at Azad's Centre of Excellence & Innovation Centre in Tunikibollaram, Hyderabad, designed specifically to meet capacity commitments to GE Vernova's Steam Power Services business unit. "This six-year agreement through 2030 strengthens our position in the global power generation supply chain and validates our precision engineering capabilities for critical applications. The contract reinforces our commitment to investing in advanced manufacturing capabilities and skilled talent, enabling us to deliver highly engineered Airfoils for nuclear, industrial, and thermal power industries worldwide. We look forward to continuing our journey with GE Vernova's Steam Power Services business unit, delivering precision, quality, and innovation that power essential infrastructure globally.' The company has been making significant investments in expanding its manufacturing capabilities as part of Azad Engineering's strategic focus on long-term partnerships with global Original Equipment Manufacturers (OEMs) across aerospace, defence, energy, and oil & gas sectors, he said. This contract further enhances Azad Engineering's growing portfolio of long-term agreements with leading global OEMs, reinforcing the company's position as a key player in the precision manufacturing landscape, he added. UNI KNR RN
