Azad Engineering Ltd's subsidiary enters into asset purchase agreement

Azad Prime Private Limited (a subsidiary company of Azad Engineering Limited) has entered into an asset purchase agreement and related documents with Leo Primecomp Private Limited and Mr. A. Vasudevan. This agreement involves the acquisition of assets related to the manufacture and supply of a new family of 'Large size'critical, and advanced technology parts. These parts will cater to our existing clients (OEMs) and new customers, expanding our portfolio in the nuclear, gas, thermal, and oil & gas sectors. With this addition, AZAD will now have capabilities for supplying'Large' mission-critical and life-critical components, complementing our existing portfolio of 'small-to-medium size' missioncritical and life-critical components. This will enable us to add new capabilities around large-size product segments such as control valves, rotors, casings, diaphragms, and other heavy engineering systems/subsystems. These components are crucial for advanced nuclear, gas, and thermal turbine engines in the energy and power sectors, aimed at meeting global demands.

This strategic acquisition will enhance and strengthen AZAD's capabilities in producing components for small and modular reactors (SMRs) for the nuclear energy sector for India and global requiremen! aligning with the technologr development goals under the Atmanirbhar Bharat initiative by the Government of India. Additionally, this acquisition will further bolster AZAD Engineering's capacity to deliver highly engineered critical components, including assemblies and sub-assemblies, across various sectors such as Defense, Space, Oil & gas.

The parties and Azad Engineering Limited have also entered into agreements pursuant to which Leo Primecomp Private Limited would become a shareholder and Mr. A Vasudevan an employee of Azad Prime Private Limited.

Shares of Azad Engineering Limited was last trading in BSE at Rs. 1593.20 as compared to the previous close of Rs. 1599.90. The total number of shares traded during the day was 9209 in over 1121 trades.

The stock hit an intraday high of Rs. 1618.50 and intraday low of 1580.00. The net turnover during the day was Rs. 14720611.00.

Source : Equity Bulls

Keywords

AzadEngineering INE02IJ01035 HeavyElectricalEquipment AzadPrune AssetPurchaseAgreement Primecomp