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Pitti Laminations' new plant
Our Bureau
Hyderabad, Aug. 29
Pitti Laminations Ltd has announced that the stone-laying ceremony for its phase-III expansion was performed on Sunday at its new plant situated at Nandigaon village, in Mahaboobnagar district of Andhra Pradesh.
In a press release here on Tuesday, the company said it is setting up a project for fabrication of steel stator bodies, machining of stator bodies and core dropping operations primarily to cater to the manifold requirements of its customer GE (USA) and domestic customer. The project, being taken up at an estimated cost of Rs 40 crore, would be commissioned in April next year. To part finance the project, the company raised Rs 14.4 crore through a preferential issue in June. The company proposes to raise term loans and deploy internal accruals to meet the remaining cost of the project. The Chairman and Managing Director, Mr Sharad B. Pitti, said the project was essentially a forward integration measure and would enable the company to become a key player in domestic and international markets.
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