Omax Autos Ltd clarifies on news item, to setup a plant in Uttaranchal

The media had reports on September 29, 2006 that Omax Autos Limited is planning to set up a plant in Uttaranchal. The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company. Omax Autos Limited has vide its letter inter-alia stated, "We hereby confirm that the Company has not given any message to the media. However, to clarify further we submit as under: It is a fact that the company supplies a substantial part of Component requirements of Hero Honda Motors Limited and everyone is aware that Hero Honda has plans to set up a unit in Uttaranchal, and as a major vendor Omax will also be putting up a new plant in Uttaranchal. The exact project cost and other details are at the initial stage of planning and as such we don't know the quantum of project cost and volume of business from that plant. Also for the company's annual general meeting which was held on 26th September 2006 at its registered office the annual report sent to the shareholders on 1st of September, 2006 has statement from the Managing Director on the plans for diversification/expansion. It is known to the shareholders as well as all stakeholders that the company plans to put up a manufacturing unit in the state of Uttaranchal."

Source : Equity Bulls

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