Online edition of India's National Newspaper
Wednesday, Aug 30, 2006
Online edition of India's National Newspaper Wednesday, Aug 30, 2006 |
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Andhra Pradesh
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Hyderabad
Special Correspondent
HYDERABAD: The foundation stone for the Phase III expansion of Hyderabad-based Pitti Laminations Limited (PLL) was laid at Nandigaon village in Mahbubnagar district on Sunday. The company is setting up the project for fabrication of "steel stator bodies, machining of stator bodies and core dropping operations" to cater to the manifold requirements of its customer GE (USA) and domestic ones. The Rs. 40 crore project would be commissioned in April 2007. The company has raised Rs. 14 crores through preferential issue in June to part finance the project. It will raise term loans and deploy internal accruals to meet the remaining cost of the project.
Integration measure
"The project is essentially a forward integration measure, enabling the company to become a key player in domestic and international markets", said Sharad B. Pitti, chairman and managing director of PLL.
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