BWI: Astra Microwave Wins INR 570 mn Order from Israel’s ELTA Systems

Press release from Business Wire India
Source: Astra Microwave Products Limited
Monday, December 01, 2008 11:09 AM IST (05:39 AM GMT)
Editors: Business: Advertising, PR & marketing, Business services, Defence & security, Electronic appliances & components, Information technology, Telecommunications; Technology
Release no: 18632
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Astra Microwave Wins INR 570 mn Order from Israel's ELTA Systems


Hyderabad, Andhra Pradesh, India, Monday, December 01, 2008 -- (Business Wire India) --
-- Astra to supply microwave wireless sub-systems for India's defense radar program.

-- Contract effective between November 2008 and mid-2010.

-- Astra's first contract under offset obligations clause of India's Defence Procurement Policy.

-- "ELTA contract showcases Astra's tech ability and scale to build on offset obligations opportunity": B Malla Reddy, Managing Director.

BSE: 532493
NSE: ASTRAMICRO
Reuters: ASTM.BO
Bloomberg: ASTM.IN

Astra Microwave Products Ltd, India's leading provider of microwave wireless technologies used in defense, space, and telecommunications, today announced that the company has won an order worth INR 570 million (USD 11.5 million) from Israel's ELTA Systems Ltd. A group subsidiary of Israel Aerospace Industries, ELTA is a world leader in electromagnetic sensors-based advanced defense systems for radar, electronic warfare, and communications.

The order is for the supply of microwave wireless sub-systems for India's defense radar program. The contract is effective between November 2008 and mid-2010.

The order from ELTA is Astra's first contract under the offset obligations clause of India's Defence Procurement Policy, 2006. The offsets clause mandates that 30% of all defense contracts worth INR 3 billion and above must be invested in the Indian defense industry by way of sourcing components, sharing technology, setting up training facilities, or using IT services.

Comment by B Malla Reddy, Managing Director, Astra Microwave Products

The ELTA contract showcases Astra Microwave's global technological capabilities and scale of operations to meet the demand from obligations mandated by the Defence Procurement Policy, said B Malla Reddy, Managing Director, Astra Microwave.

"Offset obligations are a significant opportunity for manufacturers and technology providers in the Indian defense space. Our proven technological expertise, infrastructure, and processes are a strong positive differentiator with global defense suppliers. Going forward, we are confident of forging many such relationships," Mr Malla Reddy said.

About Astra Microwave Products Ltd

Headquartered in Hyderabad, India, Astra Microwave Products Ltd (www.astramwp.com) designs, develops, and manufactures components and sub-systems for microwave wireless communications systems used in defense, space, and civilian applications. Prominent customers include, among others, the Defence Research Development Organization, Bharat Electronics, Hindustan Aeronautics, Bharat Dynamics, Electronics Corporation of India, the Indian Space Research Organization, Reliance Communications, Ericsson, and Tata Teleservices.

In FY08, Astra Microwave gross revenue was INR 1.27 billion on an equity capital of INR 107.5 million.




CONTACT DETAILS
S Gurunatha Reddy, Astra Microwave Products Limited, +91 (040) 30618000 / +91 9849027681, sgr@astramwp.com
Dev Chandrasekhar, Ubiquus, +91 9821070043, d.chandrasekhar@ubiquus.com

KEYWORDS
MARKETING, BUSINESS SERVICES, DEFENCE, ELECTRONICS, IT, TELECOMMUNICATIONS, TECHNOLOGY, ASTRAMICRO.NS, 532493.BO

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