Pitti Engineering Ltd. (PEL) has introduced a transaction that may merge the provision chain, margins and income of group firm Pitti Castings Private Ltd. (PCPL) with itself.
PCPL is engaged within the manufacture of High-Quality Casting in Grey Iron, Ductile Iron, Low Carbon and Alloy Steel Grades.
PEL mentioned it will difficulty and allot one fairness share to the shareholders of Pitti Castings Private Ltd. for each 55 fairness shares held by them in PCPL.
“The consolidation is expected to be completed in the next 12-14 months, on receipt of stock exchange and NCLT approvals,” PEL mentioned in a press release.
Akshay S. Pitti, Vice-Chairman & Managing Director, PEL mentioned “This strategic move strengthens the company’s position as a comprehensive and end-to-end machine components solution provider.”
“The merger will allow PEL to streamline its operations and offer enhanced value to its customers. By bringing together the different stages of the manufacturing process under one roof, the company can now provide a seamless and efficient experience from process design to production,” he mentioned.
The proposed merger will place PEL as a number one vertically built-in provider of machine parts. This would improve PEL’s place earlier than home and worldwide clients to broaden its enterprise, he mentioned.
