Azad Engineering Limited on Friday announced that it has signed a new Long Term Contract & Price Agreement (LTCPA) with Mitsubishi Heavy Industries Limited (MHI), Japan, valued at USD 73.47 million (₹651 crore).
The contract covers the supply of highly engineered and complex rotating and stationary airfoils for advanced gas and thermal power turbine engines to meet MHI’s global demand in the power generation sector.
Key Highlights of the Agreement
- Incremental to earlier deal: This marks Phase 2 of the partnership, building on the earlier contract signed on November 3, 2024.
- Total contract value: With this addition, the combined value of contracts between Azad Engineering and MHI now stands at USD 156.36 million (₹1,387 crore).
- Execution period: The order is to be executed over the next five years.
- Strategic importance: Azad termed this as a “robust step towards cementing its strategic relationship with MHI.”
The company confirmed that this is a purely international contract, and neither promoters nor related parties hold any interest in MHI.