The order includes the manufacturing and supply of satellite communication systems, along with a one-year comprehensive onsite warranty and a five-year annual maintenance contract (AMC), the company said in an exchange filing.
Avantel said the agreement covers both equipment supply and long-term maintenance support, strengthening its order book in the communications and defence electronics segment.
The company also clarified that the order does not fall under related party transactions and that neither the promoter group nor associated entities have any interest in the awarding company.
In February this year, the defence communications equipment company received a purchase order worth ₹122.58 crore from the Bengaluru-based public sector undertaking (PSU) NewSpace India Ltd.
Shares of the company gained about 12% following the announcement, but have since pared some gains and were trading at ₹134.08 as of 12.23 pm, still 10.78% above Tuesday’s closing price.
The stock has delivered more than 24% returns over the last 12 months, but has declined over 14% year-to-date.
