Gremach Infrastructure acquires approx 200 acres of Land in Kolhapur Dist from MIDC

Gremach Infrastructure Equipments & Projects Ltd has announced that the Company has acquired Approx 200 acres of land from MIDC in Gandhinglaj Dist. Kolhapur, Maharashtra for its future expansion cum diversification plan. The Company has decided to expand its activities from equipment rental to manufacturing activities. Further, the Company is considering setting up of Special Economic Zone for metal products at the site, for which Government of Maharashtra has already accorded its in-principle approval. This SEZ would employ about 18,000 persons. The industry that will be set up in this SEZ would mostly cater to the export market and would be net foreign exchange earners for the country.

At present the Company is engaged in providing construction equipment on hire basis for large sixed construction projects such as roads, flyovers, ports, docks, highways, jetties irrigation, hydroelectric projects, oil and gas pipeline and nuclear power projects. In a short period, the Company has become one of the leading equipment hiring Company in India.

Further, the Company also intends to start manufacturing facility of API grade Spiral Welded Pipe (Saw Pipe). The technical feasibility study has since been carried out by M/s. Mott MacDonald, a U.K. headquartered technical consultancy firm of world repute. The Company would be the first Company in India to start Auction of Foreign Infrastructure equipments in India.

The stock was trading at Rs.142.50, up by Rs.8.20 or 6.11%. The stock hit an intraday high of Rs.143.75 and low of Rs.134.50. The total traded quantity was 1548405 compared to 2 week average of 4422040.

Source : Equity Bulls

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