United Drilling Tools Limited to set up new manufacturing plant in Gujarat

United Drilling Tools Limited (UDTL), one of the leading manufacturers of high-quality products used in the upstream oil and gas operations has announced the commencement of operations at the newly setup manufacturing plant in Gujarat, near Mundra Port, spread over 35 acres with an initial capital outlay of INR 150 mn and proposed to be entirely funded through internal accruals, This unit will be developing latest designed products such as casing pipe with connector assembly segment further widening the existing product portfolio and in addition to this enhance UDTL's manufacturing capacity by implementation of latest production technologies making this a state of the art unit.

Commenting on this recent development Pramod Kumar Gupta, Chairman & Managing Director, UDTL addressed "This comes in line with our strategy of growing our domestic market share and further allow us to grow internationally, we expect 50-70% incremental revenues from this development in the coming 2 years, further to this, UDTL strongly believes in inclusive growth by generating employment opportunities in the region".

"Whilst this facility will be initially manufacturing the latest designed casing pipe and connector assembly, it will also serve as a warehousing and cross docking location, we shall further invest in this facility down the line to strengthen and sustain our competitive edge in line with UDTL's vision of being a global player, also this new location will allow us to better align our supply chain management in a rapidly changing business landscape," says Dr. Kanal Gupta, Whole Time Director, UDTL.

Shares of UNITED DRILLING TOOLS LTD. was last trading in BSE at Rs.308.3 as compared to the previous close of Rs. 312.1. The total number of shares traded during the day was 3989 in over 157 trades.

The stock hit an intraday high of Rs. 319.9 and intraday low of 300. The net turnover during the day was Rs. 1223186.

Source : Equity Bulls

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