Kalyani Rafael Advanced Systems Pvt Ltd (KRAS), a joint venture company between Kalyani Strategic Systems Ltd and Israel’s Rafael Advanced Systems Ltd, has got a contract worth ₹287.51 crore from the Ministry of Defence for supply of missile systems.

“The order is expected to be executed over the next 12 months,” Bharat Forge, parent company of Kalyani Strategic Systems, said in a regulatory filing on Monday.

The announcement lead to a spike of Bharat Forge stocks by 3.01 per cent on the National Stock Exchange (NSE), which traded at ₹1,053.50 on Monday. In 2019 also, the KRAS had bagged a $100- million contract for manufacturing of 1000 Barak-8 MRSAM missile kits for Army and Air Force.

In the Kalyani Rafael Advanced Systems joint venture, Kalyani Strategic Systems Ltd, which is a 100 per cent owned subsidiary of Bharat Forge, holds 51 per cent stake while the remaining is with Rafael.