Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
13 December, 2018 21:40 IST
Pritika Auto Ind completes acquisition of Amrit Duraparts
Source: IRIS | 17 Apr, 2018, 02.26PM
Comments  |  Post Comment

Pritika Auto Industries announced the completion of acquisition of Amrit Duraparts assets (Land, BUilding & Machinery) of their unit no:2 Located at Village Simbli on Phagwara -Hoshiarpur Road, Punjab.

The newly acquired foundry has a capacity of 12,000 tons per annum. The foundry is spread over 4.8 acres of land with ample scope for future expansion. This plant is new, unused, ready for immediate use with best in class facilities and is located very close to the industrial bases of Ludhiana, Jalandhar and Hoshiarpur, creating a significant growth opportunity for Pritika.

With this acquisition and completed brownfield expansion, the total installed capacity of the Company will increase to 50,000 tons per annum in FY18, enabling the Company to achieve its vision of FY20 well ahead of time.

The company has formed a wholly owned subsidiary for this competed acquisition in the name of "Pritika Engineering Components", in which this plant, land and assets will be held in.

Harpreet S. Nibber, Managing Director, Pritika Auto Industries, said, "We are very happy to announce about the completion of acquisition ofAmrit Duroparts assets in Hoshiarpur, Punjab. The newly acquired foundry has capacity of 12,000 tons per annum and has ample scope for future expansions. This marks a great achievement for us as we will be able to reach total installed capacity of50,000 tons per annum well ahead ofour vision for FY20.The foundry is ready for immediate use which will help us execute our existing orders and now we can also now look for opportunities in the export market.With the government's focus on Agricultureand good order position of our group we expect that this acquisition will p(ove very positive for our Company.

I thank the entire team of 'Pritika' for their untiring efforts, hard work, sincerity and high dedication. Also, I would like to thank our valued Shareholders, whose support and faith in our Company has given us the determination ond ambition to go from strength to strength.''

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Sector
Suzlon secures 50.4 MW order from Atria Power - 13-Dec-2018 13:11
Vikas Wsp wins orders worth Rs 2.06 bn - 13-Dec-2018 12:18
Strides Pharma receives USFDA approval for Lidocaine ointment - 13-Dec-2018 10:00
Tata Power eevamps customer portal - 13-Dec-2018 09:31
NBCC wins order worth Rs 1.72 bn from Govt of India - 13-Dec-2018 09:26
Ashok Leyland signs defence agreement with ELBIT Systems - 12-Dec-2018 09:41
Wipro launches automotive innovation center in Michigan - 12-Dec-2018 09:37
Liva Pharma gets USFDA approval for Ranitidine injection - 12-Dec-2018 09:35
Dr Reddy's Labs launches Omeprazole tablets in US market - 12-Dec-2018 09:31
Strides Vivimed JV receives consent for Albendazole tablets - 12-Dec-2018 09:27
Unichem Lab gets tentative nod for Tadalafil tablets - 12-Dec-2018 09:25
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer