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Mahindra Ugine Steel plans to set up a press shop in its stamping division at Pantnagar in Uttarakhand.
The company's board today in-principle approved capital expenditure of Rs 47.49 crore to set up the Automated Heavy Stamping Presses (press shop).
The unit will cater to automotive businesses in and around Pantnagar and Rudrapur such as Tata Motors Ltd, Ashok Leyland and Mahindra & Mahindra Ltd. The press shop is expected to be commissioned in FY 2013-14.
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