Pritika Auto Industries expands its manufacturing capacity with its latest acquisitions
26 Jun 2011 | 6342 Views | By Autocar Professional Bureau
Pritika Auto has entered into an agreement with Amrit Duraparts to buy their assets that include land, building and machinery.
Pritika Auto Industries, one of the leading players in the manufacture of world-class auto components in India, today, announced the signing of an agreement to buy the assets of ...
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Pritika Auto has entered into an agreement with Amrit Duraparts to buy their assets that include land, building and machinery.
Pritika Auto Industries, one of the leading players in the manufacture of world-class auto components in India, today, announced the signing of an agreement to buy the assets of Amrit Duraparts (Land, Building & Machinery) of their unit no.2 located at Village Simbli on Phagwara-Hoshiarpur Road, Punjab.
As per the statements released by Pritika Auto Industries, they claim that the newly acquired foundry has a capacity of 12000 tons per annum. The foundry is spread over 4.8 acres of land. This plant is located very close to the industrial bases of Ludhiana, Jalandhar and Hoshiarpur, which Pritika claims is a significant opportunity for growth. The statement further states that the total installed capacity of the company will increase to 50,000 tons per annum. A wholly owned subsidiary for this agreement in the name of 'Pritika Engineering Components' has been established. The new plant, land and assets will be held under this new establishment.
Commenting on the acquisition, Harpreet S. Nibber, Managing Director, Pritika Auto Industries said, "The foundry is ready for immediate use which will help us to fulfil our existing orders and we can also now look for opportunities in the export market. With the government's focus on agriculture, low power tariffs in Punjab and good order position of our group, we expect that this agreement will prove very positive for our company."