Marine Electricals (India) has announced the acquisition of orders worth approximately ₹70.86 crore, excluding taxes. These orders, detailed in the company’s latest disclosure, include significant contracts from Princeton Digital Group (India) Management Private Limited and C Torq Marine Services L.L.C.
The order from Princeton Digital Group (India) Management Private Limited involves the supply of a power distribution system. The delivery of these goods is scheduled to occur over a period of 7 to 9 months. Importantly, the company clarified that none of its promoters or promoter group have any interest in this contract, and it does not constitute a related party transaction.
In contrast, the order from C Torq Marine Services L.L.C, which requires the supply of panels, is classified as a related party transaction. The delivery for this order is expected to span 21 months. Marine Electricals emphasised that this disclosure aligns with its commitment to good corporate governance.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).