Pitti Engineering announces scheme of amalgamation

‘The consolidation is expected to be completed in the next 12-14 months, on receipt of stock exchange and NCLT approvals’

June 15, 2023 10:15 pm | Updated 10:15 pm IST - MUMBAI

Pitti Engineering Ltd. (PEL) has announced a transaction that would merge the supply chain, margins and revenue of group company Pitti Castings Private Ltd. (PCPL) with itself.

PCPL is engaged in the manufacture of High-Quality Casting in Grey Iron, Ductile Iron, Low Carbon and Alloy Steel Grades.

PEL said it would issue and allot one equity share to the shareholders of Pitti Castings Private Ltd. for every 55 equity 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 said in a statement.

Akshay S. Pitti, Vice-Chairman & Managing Director, PEL said “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 said.

The proposed merger will position PEL as a leading vertically integrated supplier of machine components. This would enhance PEL’s position before domestic and international customers to expand its business, he said.

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