Triveni Engineering and Industries Ltd.’s shares increased nearly 5% on Thursday after the announcement of a partnership with Rolls-Royce Marine North America Inc. The collaboration aims to explore opportunities for 4MW marine gas turbine generators (GTG) in India.
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The partnership will focus on various aspects, including the design, development, and manufacturing of marine GTGs, along with comprehensive sales and support services, according to a stock exchange filing by Triveni Engineering.
Opening nearly flat at ₹379.9 apiece on the BSE, shares of Triveni Engineering & Industries Ltd. rose as much as 4.8% to touch an intraday high of ₹398.35 on Thursday.
“Such a partnership can not only help us bring advanced technology to power India’s naval defence requirements, but also help enhance the capability of indigenous naval defence ecosystem in the country,” Tarun Sawhney, Vice Chairman & Managing Director, Triveni Engineering & Industries Ltd said.
With over 80 years of experience in the naval market, Rolls-Royce is a leading provider of power and propulsion solutions for major global programs
Since the introduction of the Allison 501-K17 in 1972, Rolls-Royce has been at the forefront of the marine gas turbine generator industry, the filing added. Over 350 Rolls-Royce gas turbine generators are currently in operation with navies around the world. In India, Rolls-Royce is well-established with a robust aerospace and defence ecosystem, and its MTU engines power numerous vessels in the Indian Navy and Coast Guard, the company said.
Triveni, a key player in India’s high-speed gears market, has expertise in manufacturing energy-efficient, high-power, and high-speed products for defence. With installations in over 80 countries, the company is focused on expanding its international reach, it added.
Shares of Triveni Engineering were trading 3% higher at ₹391.5 on the BSE around 10.45 am.
