SPP Pumps Receives ₹149.59 Crore Vertical Pumps Order from Saipem, Strengthens Kirloskar Brothers' Global Order Book
· Free Press Journal
Mumbai: Kirloskar Brothers Ltd (KBL) announced on Monday that its wholly owned material subsidiary, SPP Pumps Ltd (SPP), based in the UK, has received a significant order from Saipem Offshore Construction SPA.
Order Value and Details
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The order is valued at GBP 11,674,520, which is approximately Rs 149.59 crore based on current exchange rates. SPP Pumps will supply vertical pumps and associated spares to Saipem.
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The company expects to execute the order within 52 to 60 weeks from the date of receipt. This translates to an estimated completion period of roughly one year.
Performance and Warranty Bonds
Under the terms, SPP Pumps is required to issue a Performance Bond equivalent to 10 per cent of the contract value. Additionally, a Warranty Bond equal to 5 per cent of the contract value is also mandated.
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SPP Pumps is Kirloskar Brothers’ primary international subsidiary and holds a leadership position in the UK pump industry. This order marks a significant win for its international operations.
Transaction Compliance
Kirloskar Brothers confirmed that the order does not involve any related party transactions.
Disclaimer: This story is based on company exchange filings and is for informational purposes only. Investors should evaluate risks before making decisions.