Chandigarh-based Pritika Auto Industries, the flagship company of the Pritika Group of industries, today announced that it has bagged its first export order for machined castings. The order of Rs 4.5 crore per annum is from a large US-based conglomerate.
Pritika Auto manufactures a wide range of products such as axle housings, wheel housings and hydraulic lift housings.
Commenting on the development, Harpreet S Nibber, MD, Pritika Auto Industries said: "We are very excited about this export order which marks our first foray into foreign markets. The US is a significant market for machined castings and this order gives us an opportunity to explore the potential that the US market has to offer. The order comes as a consequence of our consistent and high-quality product delivery and is expected to open up further avenues in overseas markets. In fact, we are also currently in advanced discussion with our client for an additional order of Rs 3 crore per annum."
"The export portfolio would comprise of high-margin products which are likely to result in improved profitability for the Company. We are hopeful of building on from here and continue to expand our product portfolio. I thank the entire team of Pritika for their untiring efforts, hard work, sincerity and dedication in making this happen."
The company is one of the biggest component suppliers in the tractor segment and supplies to OEMs like Mahindra & Mahindra Swaraj, Swaraj Engines, TAFE, Escorts, SML Isuzu, TMTL, Ashok Leyland and New Holland Tractors.