Mumbai, July 17 -- Ion Exchange (India) (Ion Exchange) has been awarded an international contract by Hyundai Engineering and Construction Co., (Hyundai Engineering) for the supply of filtration units in the Middle East. The contract is valued at USD 52.83 million and is to be executed over a period of 18 months. The order aggregates to approximately Rs 5.03 bn based on the prevailing exchange rate. Delivery schedules and technical specifications will be governed by the contract terms.
The scope covers manufacture and supply of filtration units to be deployed across projects in the Middle East and follows the procurement procedures of the awarding entity. The company submitted the intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and furnished the annexure required under the applicable SEBI circular. The filing to BSE and the National Stock Exchange sets out key terms, execution timeline and confirmations on related party status. The annexure records that the contract does not constitute a related party transaction.
The award adds to the firm order book and provides revenue visibility over the 18 month execution period. The company stated that the promoters and group companies have no interest in the awarding entity and that the contract does not fall within related party transactions. The contract value in US dollars and the rupee equivalent strengthen the company's pipeline for overseas projects. The company also noted compliance with disclosures required by listing regulations.
The disclosure was signed by the company secretary and compliance officer and furnished to exchanges as part of routine statutory reporting. Ion Exchange will proceed with project mobilisation and coordinate with Hyundai Engineering to meet scheduled milestones. The order reflects continued demand for water and filtration solutions from Indian engineering suppliers in international markets. Operational teams have been directed to align resource allocation and manufacturing timelines with contractual milestones.
Published by HT Digital Content Services with permission from Construction World.