The board of TIL Ltd. has announced the formation of strategic business unit, TIL Defence, to accommodate its expanding defence portfolio and facilitate indigenous production of critical military systems.
Since 1987, the company has been designing, engineering and manufacturing strategic equipments fulfilling the demands of India's defence establishment, according to an exchange filing on Monday.
As a domestic supplier of critical military systems, the company anticipates to secure domestic defence orders worth Rs. 2,000 crore over the next five years, the filing said.
Additionally, the board has also approved a multi-year plan to widen TIL Defence's capabilities.
The expansion will focus on manufacturing approved designs, forging strategic partnerships with India's defence establishment and Defence PSUs for innovative product development, modernising key platforms with advanced technologies, and strategically extending deployments where TIL products have showcased exceptional performance, the filings said.
The company multi-year expansion plan focuses collaborating with Defence PSUs for next-generation products and leveraging strategic partnerships to integrate cutting-edge technologies, according to Pinaki Niyogy, chief operating officer at TIL Ltd.
"This approach ensures we deliver not just equipment, but complete operational readiness solutions for India's tri-services while creating high-skilled manufacturing employment and developing export capabilities," he said.
Shares of TIL closed 1.07% higher at Rs 363.90 apiece on the National Stock Exchange, compared to a 0.4% rise in the benchmark Nifty. The stock has risen 40.58% in the last 12 months and 23.8% on a year-to-date basis.
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