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GMM Pfaudler Ltd. — Capital/Financing Update 2021
Mar 16, 2021
61612_rns_2021-03-16_3fb6cf85-8943-47db-956d-9aade17097c5.pdf
Capital/Financing Update
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www.gmmpfaudler.com | BSE: 505255 | CIN: L29199GJ1962PLC001171 | ISIN: INE541A01023 | SECTOR: ENGINEERING - HEAVY
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Press Release
GMM Pfaudler acquires assets of HDO Technologies Limited (in Liquidation)
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A consideration of INR 584.6 million is being paid to acquire the assets of HDO Technologies Limited
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State-of-the-art manufacturing facility is spread across 11.9 acres and is located in Vatva, Ahmedabad
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Acqusition will enhance capacity and augment our capabilities in Heavy Engineering
Mumbai, March 16, 2021: GMM Pfaudler Ltd (GMMP) announced that it has participated in the e-auction process for sale of Assets (factory land, building, plant and machinery, office equipment, computers, furniture and fixtures, vehicles and capital work in progress) owned by HDO Technologies Limited (in Liquidation) (“ HDOT ”) in accordance with the process memorandum dated February 23, 2021 issued by HDOT’s Liquidator under the provisions of Insolvency and Bankruptcy Code, 2016, vide order of Hon’ble National Company Law Tribunal, Mumbai bench, dated June 28, 2018 and was declared as the successful bidder by the Liquidator.
This state-of-the-art facility, spread over 11.9 acres with 7 manufacturing bays (built up area of 23,617 square meters) is located in Vatva, Ahmedabad and is equipped to manufacture a wide range of Heavy Engineering equipment with a crane lifting capacity of 200 metric tonnes, deep-hole drilling (up to 1 meter) capabilities, plate rolling capabilities up to 110 milimeters, strip cladding capabilities, orbital welding capabilities, a 308.6 square meters clean room for fabrication of high alloy materials, vertical turret lathes and other machine tools.
A consideration of INR 584.6 million is being paid for the proposed assets and the tentative date for the completion of the transaction is April 30, 2021.
Management Comment
Commenting on the acquisition, Mr. Tarak Patel, Managing Director of GMM Pfaudler said “ We are very excited with this acquisiton as it will significantly enhance our capacity and augment our capabilities in Heavy Engineering and at the same time will free up capacity at our Karamsad facilty to expand our Glass Lined business; a very timely opportunity that fits perfectly with our long term strategy of growing all our business lines. ”
About GMM Pfaudler
GMM Pfaudler (GMMP) is a truly global, multi-national and diverse company, employing over 1,500 employees and manufacturing facilities on four continents. GMMP is present on the market with several branded product lines covering a broad portfolio that includes glass-lined & alloy systems, filtration & drying, engineered column systems, lab & process glass, sealing technology and fluoropolymers. Our Systems and Services capabilities allow us to support our Customers from the lab to the full-scale production plant, including optimizing and improving the whole life cycle of any process equipment normally used in the chemical, pharmaceutical and food industries. More information is available at www.gmmpfaudler.com
| For Media Contacts: | For Investor Contacts: | For Investor Contacts: | ||
|---|---|---|---|---|
| Abhishek Savant | Diwakar Pingle | Mittal Mehta | ||
| Veritas Reputation PR Pvt Ltd | Christensen Investor Relations | Company Secretary, GMM Pfaduler | ||
| Tel: 8108848822 | Tel: +91 22 4215 0210 | Tel: +91 22 6650 3900 | ||
| Email:[email protected] | Email:[email protected] | Email:[email protected] |
www.gmmpfaudler.com | BSE: 505255 | CIN: L29199GJ1962PLC001171 | ISIN: INE541A01023 | SECTOR: ENGINEERING - HEAVY
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Press Release
Disclaimer:
Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. GMM Pfaudler Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.