Companies

Pitti Engineering invests ₹200 cr in new plant, modernisation of Hyderabad plant

V Rishi Kumar Hyderabad | Updated on December 30, 2019 Published on December 30, 2019

Plans ₹90 crore investment in second phase

Pitti Engineering has recently set up manufacturing plant in Aurangabad with an investment of ₹160 crore and plans to invest another ₹90 crore in the second phase over the next two years. The company has also invested ₹40 crore in modernising its manufacturing facility at Hyderabad.

Akshay Pitti, Vice-Chairman and MD, said, “There are early signs of companies moving engineering tools sourcing to India from China and the shift is expected to catch pace in the next three years.” Pitti Engineering Ltd’s products find application in almost every equipment that rotates when generating or consuming electricity.

The Indian Railways is planning to increase the domestic content in their procurement under Make in India policy. The company expects increased business for precision engineered products that find their use in locomotives as well as urban mass transit systems as modernisation and localisation of sourcing of such parts increases.

The company stated that it had bagged orders worth ₹500 crore from GE India to supply traction motor related products, along with other products to be used in locomotives for catering the requirements of Indian Railways, to be supplied over 10 years.

Indian Railways’ capital expenditure has been growing steadily and touched an all-time high of ₹1.58 lakh crore this fiscal from ₹1.33 lakh crore logged last fiscal as per government data, offering opportunities for expansion and growth.

 

Published on December 30, 2019
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