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PG signs MoU with Government of Maharashtra to invest INR 315 Crores at the World Economic Forum Davos
Posted On : 2022-05-24 13:22:05( TIMEZONE : IST )
In a major move, PG Technoplast, one of India's leading AC manufacturing service providers, has collaborated with the Maharashtra Industrial Development Corporation (MIDC) to invest INR 315 crores to create the state's largest Room AC Manufacturing capacities as a part of the Magnetic Maharashtra initiative. The MOU was signed yesterday at the Annual Meeting of the World Economic Forum held at Davos, Switzerland in the presence of Hon'ble Minister of Tourism & Environment Shri Aaditya Thackeray, Hon'ble Minister of Industries Shri Subhash Desai and Hon'ble Energy Minister Shri Nitin Raut, who were accompanied by Additional Chief Secretary for Industries Shri Baldev Singh, Additional Chief Secretary to chief minister Ashish Kumar Singh, and the CEO of MIDC Dr P. Anbalagan.
This Megaproject will be the nation's most vertically integrated RAC manufacturing facility and will provide a major thrust for the region's ESDM components' ecosystem. It will also create direct employment opportunities for over 1,500 people. "We are grateful to the Government of Maharashtra for facilitating PG's push to provide its customers turn-key solutions for all home appliances. The move will help bring Room AC Manufacturing to the Western region of the country, which historically has been concentrated in the Northern, and now Southern parts of the country." said Mr. Vikas Gupta, MD-Operations, PG Group.
PG is working with most leading Air Conditioning brands of the nation. The level of backwards integration and the strategic location of the plant will help lower product costs and make it more affordable for the end consumers.
Shares of PG Electroplast Limited was last trading in BSE at Rs. 726.00 as compared to the previous close of Rs. 674.55. The total number of shares traded during the day was 5167 in over 1053 trades.
The stock hit an intraday high of Rs. 742.05 and intraday low of 666.00. The net turnover during the day was Rs. 3681117.00.
