NATO signs 1.1 billion euro contract for 155mm artillery ammunition; part of shells to be supplied to Ukraine
NATO struck the deal on behalf of several allies who will either pass on the shells to Ukraine or use them to stock up their own depleted inventories. Bulk buying ensures lower prices.
NATO has signed a 1.1 billion euro contract for 155mm artillery ammunition, the alliance said on Tuesday, with part of the shells to be supplied to Ukraine after complaints a shortage of munitions was hampering its war efforts.
"The war in Ukraine has become a battle of ammunition," NATO Secretary-General Jens Stoltenberg said after a signing ceremony at the alliance's headquarters in Brussels.
NATO struck the deal on behalf of several allies who will either pass on the shells to Ukraine or use them to stock up their own depleted inventories. Bulk buying ensures lower prices.
The contract will likely buy some 220,000 rounds of artillery ammunition, with the first deliveries expected at the end of 2025, a NATO official told Reuters. The ammunition will be supplied by French arms maker Nexter and Germany's Junghans, according to an industry source.
Catch the latest stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Rs 3,500 Monthly SIP for 35 years vs Rs 35,000 Monthly SIP for 16 Years: Which can give you higher corpus in long term? See calculations
Small SIP, Big Impact: Rs 1,111 monthly SIP for 40 years, Rs 11,111 for 20 years or Rs 22,222 for 10 years, which do you think works best?
Power of Compounding: How long it will take to build Rs 5 crore corpus with Rs 5,000, Rs 10,000 and Rs 15,000 monthly investments?
03:14 PM IST