CG Power and Industrial Solutions Ltd announced today it has entered into a long-term supply agreement with Kinet Railway Solutions Limited for railway products. The initial purchase order, valued between ₹400-450 crores, covers the supply of propulsion kits with motors, transformers and other components for 10 Vande Bharat trainsets.
The shares of CG Power and Industrial Solutions Ltd closed today at ₹612.50, up by ₹15.70 or 2.63 per cent on the NSE.
The agreement also includes a separate 35-year service contract, positioning CG Power for sustained long-term revenue from this partnership.
With 86 years of experience in the railway industry, CG Power’s portfolio encompasses traction machines and systems, railway propulsion systems, and signaling products. The company recently expanded into the Train Collision Avoidance System (KAVACH) domain.
CG Power, headquartered in Mumbai, operates 18 manufacturing plants across India and Sweden, with a workforce of approximately 3,113 employees. The engineering conglomerate reported consolidated revenue of ₹8,046 crores (USD 964 million) for fiscal year 2024.
Since November 2020, CG Power has been part of the Murugappa Group, a 123-year-old conglomerate with diverse business interests and nine listed companies under its umbrella. The Murugappa Group reported revenue of ₹742 billion across sectors including agriculture, engineering, and financial services.
