Apollo Micro Systems (NSE:APOLLO, BOM:540879) entered into a memorandum of understanding with Telangana, a state in southern India, for a greenfield project, according to a Tuesday filing to the Indian stock exchanges.
The company earmarked an investment of around 15 billion Indian rupees for the proposed project, which aims to expand Apollo's manufacturing and explosive filling capabilities.
The project will focus on the manufacturing and filling of warheads, rocket motors, artillery systems and ammunition, and other armaments.
The company's shares were down 4% in recent trade.
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