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Indian company to bid for UK Navy's Rs-115 cr cable contract

Paramount and its acquired company, UK-based AEI cables are already working on an 8 million pound (about Rs 55 crore) contract for the Royal Navy Queen Elizabeth Class Aircraft Carrier Programme. A file photo.

NEW DELHI (PTI): Paramount Cables said on Sunday that it will bid for a contract worth 17 million pounds (about Rs 115 crore) to supply wiring for British Royal Navy's new generation aircraft carrier development programme.

The move follows the city-based company's wholly-owned British subsidiary, AEI Cables Ltd bagging an 8 million pound (about Rs 55 crore) contract for the Royal Navy Queen Elizabeth Class Aircraft Carrier Programme.

"Now, we are going to bid for a 17 million-pounds worth contract for two more Royal Navy Queen Elizabeth Class Aircraft Carriers, which are expected to be finalised in the current fiscal," Paramount Cables Chairman and CEO Sanjay Aggarwal told PTI.

He said the company will design and manufacture an entire range of cables and wiring for power, lighting, data communications, fire protection and alarm circuits, which need to operate in the most demanding conditions.

The Royal Navy Queen Elizabeth Class Aircraft Carrier Programme is a development project of two aircraft carriers, due to enter service in 2014 and 2016.

Paramount had acquired the UK-based AEI cables, which is one of the oldest cable manufacturing companies with over 170 years of presence in many diverse markets and applications around the world, in 2007 for Rs 260 crore in an all cash deal.

The company reported revenues of Rs 800 crore in 2008-09 and is yet to announce financials for the fiscal 2009-10.

Yet, the company expects to clock sales of around Rs 1,200 crore in the ongoing fiscal, Aggarwal said.

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