Defence firm AMS bags order from Indian Oil Corporation

Aerospace and defence firm Apollo Micro Systems (AMS) has said it has bagged order from Indian Oil Corporation Limited (IOCL) - the oil and gas company under the ownership of the Ministry of PEtroleum and Natural Gas. 

being declared as the lowest bidder (L1), it has received the letter of acceptance (LOA) from Indian Oil Corporation (IOCL) for an order worth Rs 25.58 crore.

"Apollo Micro Systems Limited has received the Letter of Acceptance (LOA) from Indian Oil Corporation Limited (IOCL) for an order worth Rs 25.58 Crores after successfully being declared as the Lowest Bidder (L1)," the company said in an exchange filing. 

Earlier, the company secured multiple orders from the Ministry of Defence.

Apollo Micro Systems has recently secured multiple orders amounting to Rs. 20.76 crores from the Ministry of Defence. 
 
Meanwhile, the small-cap company is planning to set up a defence equipment manufacturing facility in Telangana at an investment of Rs 150 crore. The proposed facility will come up on an area of 3 lakh sq ft at its facility in Hyderabad.

The company recently incorporated a wholly owned subsidiary -- Apollo Defence Industries Private Ltd -- to take forward its plans of manufacturing defence equipment.
     
This subsidiary will focus on forming alliances and technological partnerships with international companies to provide cutting-edge defence solutions and serve the nation.
     
AMS offers technology-based solutions in sectors like infrastructure, transportation and aerospace, among others.