Premier Explosives signs MoU with Global Munition to form joint venture in defence and aerospace

Premier Explosives Ltd on Friday (December 13) said it has entered into a Memorandum of Understanding (MoU) with Global Munition Ltd, a subsidiary of NIBE Ordnance and Maritime Ltd, to establish a joint venture focused on manufacturing Defence and Aerospace products.

“…this is to inform you that today our Company, Premier Explosives Limited has entered into a Memorandum of Understanding (MOV) with Global Munition Limited, a subsidiary of NIBE Ordnance and Maritime Limited (NIBE Group Company), to set up a joint venture to manufacture Defence and Aerospace products,” Premier Explosives said in a regulatory filing.

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The joint venture will be structured with a 51:49 equity split, with Global Munition holding the majority share.

Premier Explosives Ltd manufactures explosives and & accessories. These include Emulsion and Slurry explosives, LD cartridge explosives, Bulk Explosives, Small-dia non-permitted explosives, Permitted explosives, Cast Boosters, and pillow packs for secondary blasting.

The company is India’s first private-sector explosives manufacturer and supplies solid propellants for India’s prestigious missile programs like Akash, Astra, and LRSAM.

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Shares of Premier Explosives Ltd ended at ₹516.55, up by ₹46.55, or 9.90% on the BSE.