Mumbai-based Precision Wires India Ltd, one of South Asia's largest winding wire producers supplying the automotive and other sectors, stated in a regulatory filing that the intensifying conflict in the Middle East has begun to impact some of its domestic and overseas suppliers. Consequently, the company is observing rising inflationary pressures across its supply chain.
"Our export consignments to the Middle East have also been affected. To address this, we are currently re-routing shipments and establishing alternate logistics arrangements," the company noted in the filing, before adding that these changes may result in additional shipping costs and extended lead times.
The Precision Wires management added that while the Company is diligently taking steps to monitor and mitigate these challenges, unforeseen risks and unavoidable circumstances may cause short-term fluctuations in the cost and availability of certain inputs.
Founded in 1989 by Atlas Wires Ltd. (Atlas) and Mahendra Mehta & family, Precision Wires was later merged with Atlas in 2001 and has been amongst the most successful companies in the wire industry in India. Today, with an installed capacity of about 49,000 MT/year being increased to 55,000 MT/year, the company boasts of being the largest producer of winding wires in South Asia.
It has state-of-the-art facilities at Silvassa to manufacture a wide range of products including Enamelled Round and Rectangular Copper Winding Wires, Continuously Transposed Conductors (CTC) and Paper/Mica/Nomex Insulated Copper Conductors (PICC), and Submersible Winding Wires, which are used across the globe by the electrical/electronics industry.
In addition to automobiles, Precision Wires is also a leading supplier across applications such as motors, transformers, generators, compressors, hand tools, fans, relays, ballasts, etc.