Bharat Forge Limited, the Pune-based multinational, has entered contract negotiations with India’s Ministry of Defence for the supply of Advanced Towed Artillery Gun System (ATAGS) and Gun Towing Vehicles for the Indian Army, the company announced today.
The shares of Bharat Forge Limited were trading at ₹1,321.80 up by ₹17.25 or 1.32 per cent on the NSE today at 3.20 pm.
The development follows the Ministry’s Acceptance of Necessity issued in March 2023 for the procurement of 155mm/52cal ATAGS. The contract negotiations commenced after the completion of technical evaluation and commercial bid opening processes.
The company expects to conclude negotiations before the end of the current financial year 2024-25. The final contract value remains undisclosed as talks are ongoing.
ATAGS represents a significant addition to Bharat Forge’s defense portfolio. The company currently operates across 18 manufacturing locations in five countries, serving various sectors including defense, aerospace, automotive, and power.
The announcement comes as India continues to strengthen its domestic defense manufacturing capabilities, with ATAGS being a crucial artillery system developed for the Indian Army’s requirements.
