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CG Power and Industrial Solutions Ltd has signed a long-term supply agreement with Kinet Railway Solutions Limited for railway products, securing an initial purchase order valued between ?400-450 crore. The contract includes the supply of propulsion kits with motors, transformers, and other components for 10 Vande Bharat trainsets. In addition to the supply contract, CG Power has also secured a 35-year service agreement, ensuring sustained long-term revenue from this partnership. With 86 years of expertise in the railway sector, CG Power specializes in traction machines, railway propulsion systems, and signaling products. The company has recently expanded into the Train Collision Avoidance System (KAVACH) domain. Headquartered in Mumbai, CG Power operates 18 manufacturing plants across India and Sweden, employing approximately 3,113 people. The company reported ?8,046 crore (USD 964 million) in consolidated revenue for FY24. Since November 2020, CG Power has been a part of the Murugappa Group, a 123-year-old conglomerate with interests in agriculture, engineering, and financial services. The group operates nine listed companies and reported ?742 billion in revenue across its business verticals. |
