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.''