CG Power Shares Surge on Winning $55 Mn Order by Indonesian Subsidiary | CORPORATE ETHOS

CG Power Shares Surge on Winning $55 Mn Order by Indonesian Subsidiary

By: | February 12, 2018
CG Power and Industrial Solutions

Feb 12: CG Power Systems Indonesia, a wholly owned subsidiary of the Avantha Group Company CG Power & Industrial Solutions Ltd (CG) on Monday said that it has bagged an order from Indonesian state utility PT PLN (Persero) for manufacturing and supply of 64 units of Power Transformers valued at IDR 744 billion ($55 million).

According to the company, this project is the first of its kind to be funded by Islamic Development Bank to support PLN’s ambitious goal to enhance its transmission grid performance. The project will be completed by December 2018 and is going to play a critical role in its ongoing 35GW Fast Track Program. CG Power will complete the supplies against the order by December 2018.

“The order was secured through an open book process participated by six established bidders, including four multinational companies, where CG got the highest award of 37% of the total value. This is the 8th tender won by CG as a leader which comprised of eight different ratings in a wide capacity and voltage range,” the company said in a statement.

It further said that the scope of work includes site survey, design, manufacturing, supply and installation of 64 units (4400 MVA) of power transformers in PLN regions spread from Aceh to Papua over Sumatra, Java, Kalimantan, Sulawesi, Papua and Malukku Islands of Indonesia.

Commenting on this order win, Avantha Group Company, CG’s CEO & Managing Director, K N Neelkant, said, “CG always believes in manufacturing world class quality products and solutions as per the Global standards. We thank PT PLN Indonesia for this significant win which reinforces their trust in CG. This win further endorses our commitment towards making world class products for global markets.”

Based in Mumbai, CG Power and Industrial Solutions Ltd (formerly Crompton Greaves Ltd) is a major player in the management and application of electrical energy. CG is an approved supplier of electrical products such as transformer, traction motors and drive propulsion system and has continuously focused on aligning itself with the requirements of Indian Railways.

Shares of the company opened at Rs 88.15 on BSE today and surged nearly 4% after the news came in. At 10.25 am, the Rs 2 face value shares were trading at Rs 91, up 2.88% from the previous closing of Rs 88.45.