Stone India bags 1st order from Defence Ministry

New Delhi, Apr 9: Stone India Ltd today said it has received an order valued at Rs 14 crore from the Ministry of Defence to be executed over next eight months for refurbishment and upgradation of 1,115 wagons.

This order, the first and only to a private company, marks Stone India's big ticket entry into projects and services area.

So far, this job was being undertaken by the Indian Railways.

''The company expects to grow substantially in this area in line its long term objective of achieving 20 per cent of enhanced turnover from projects and services,'' a statement said.

Stone India ended the previous year with a turnover of Rs 82 crore and an order book exceeding Rs 92.5 crore, showing a growth of 34 per cent and 30 per cent year-on-year, respectively.

The company invested over Rs 1.2 crore last year to establish its mobile rigging facilities equipped with latest machineries for such on site project work.

UNI