GMM Pfaudler jumped 4.70% to Rs 4,418.70 after the corporate introduced the acquisition of belongings of HDO Applied sciences for a consideration of Rs 58.46 crore.
The corporate mentioned that it had participated within the e-auction course of on the market of belongings (manufacturing facility land, constructing, plant and equipment, workplace tools, computer systems, furnishings and fixtures, autos and capital work in progress) owned by HDO Applied sciences (in liquidation). It was declared because the profitable bidder by the liquidator.
The acquired facility, unfold over 11.9 acres with 7 manufacturing bays, is positioned in Vatva, Ahmedabad and is provided to fabricate a variety of heavy engineering tools with a crane lifting capability of 200 metric tonnes, deep-hole drilling (as much as 1 meter) capabilities, plate rolling capabilities as much as 110 milimeters, strip cladding capabilities, orbital welding capabilities, a 308.6 sq. meters clear room for fabrication of excessive alloy supplies, vertical turret lathes and different machine instruments.
The tentative date for the completion of the transaction is 30 April 2021, GMM mentioned in a BSE submitting made after market hours yesterday.
Commenting on the acquisition, Tarak Patel, managing director of GMM Pfaudler, mentioned this acquisiton will considerably improve our capability and increase our capabilities in heavy engineering and on the identical time will unencumber capability at our Karamsad facilty to increase our glass lined enterprise.
GMM Pfaudler’s branded product strains cowl a broad portfolio that features glass-lined & alloy programs, filtration & drying, engineered column programs, lab & course of glass, sealing know-how and fluoropolymers. The corporate caters to clients within the chemical, pharmaceutical and meals industries.
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