Mumbai, Feb. 12 -- This MoU sets the main terms and principles for a binding long-term supply contract, which will be signed when approved components start shipping in 2028.

Under the MoU, the customer has committed an initial investment of approximately Rs 20 crore for tooling and development, with sampling and testing planned for 2027. The binding supply contract will commence in 2028 with the delivery of approved components. Annual revenues are expected to be approximately Rs 95 crore based on minimum committed volumes, with a peak potential of Rs 160 crore per year, contingent on the customer's equipment sales.

This order will be executed through HFL's upcoming heavy forging facility, which is being developed as part of a Board-appr...