New Delhi: Infrastructure major Punj Lloyd has been shortlisted by the Defence Ministry for upgrading the Zu 23 air defence gun.
"Ministry of Defence (MOD) has vide its letter dated June 30, 2015 qualified our solution to upgrade Zu 23 air defence gun, after field evaluation," the firm said in a BSE filing.
As part of the firm's defence initiatives, it keeps evaluating various business opportunities. In this regard, the company had submitted its proposal for upgrade of the Zu 23 air defence gun to as per the RFP issued to it, the filing added.
"MOD is yet to open the commercial bids to decide on the party to be awarded the contract," it said.
Reacting to the news, shares of the company today jumped by over 9 per cent to Rs 28.95 apiece on BSE.
Punj Lloyd has set up a fabrication and assembly facility for defence systems in Gwalior capable of machining, welding & fabrication of land system components, assembly, integration and testing of weapons, maintenance and repair facility for existing weapons of the Indian Army, according to its website.
The group has agreements with leading global primes for collaboration in Indian programmes for a wide range of products including artillery systems, air defence gun systems, A-vehicle technology, assault rifles and carbines.