Sansera Engineering Ltd enters into MoU with Karnataka Udyog Mitra

Today, Sansera has entered into a Memorandum of Understanding with Karnataka Udyog Mitra, Directorate of Industries & Commerce, Government of Karnataka for the acquisition of 55 acres of industrial land in Harohalli, Ramanagra, Bengaluru. This strategic move is part of Sansera's long-term growth and expansion plans in the region for both automotive and non-automotive sectors.

Key points of the MOU include:

1. Allocation of 55 acres of industrial land in Harohalli, Ramanagra, Bengaluru by the Government of Karnataka.

2. Sansera's commitment to invest approximately INR 2100 Crores over a period of 3 - 5 years; and

3. Potential creation of approx. 3000 - 4000 direct and indirect jobs in the region.

Few benefits of this acquisition include:

1. Increased Exports: The new facility is expected to boost Sansera's manufacturing capacity by approx. INR 3,000 Crores, thereby also contributing to India's export growth.

2. Additional Revenue for Karnataka: The project is projected to generate additional revenue for the state.

3. Skill Development: Sansera plans to establish a training centre, enhancing the skills of the local workforce.

4. Technology Transfer: Advanced technologies and best practices will be introduced, benefiting the local industrial ecosystem, and

5. CSR Initiatives: Sansera commits to investing in local community development projects like education, healthcare, etc.

Commenting on this: Mr. S Sekhar Vasan, Chairman & Managing Director of Sansera stated "This MOU marks a significant milestone in our company's growth trajectory. We are excited about the opportunities this expansion brings and are grateful for the support extended by the Government of Karnataka. This initiative aligns perfectly with our vision of World-Class engineering corporation that maximises stakeholder's value".

Shri. M. B. Patil, Hon'ble Minister for Large & Medium Industries and Infrastructure Development, Government of Karnataka stated "We welcome Sansera's investment in our state. This partnership aligns with our commitment to industrial growth, job creation, and overall economic development in Karnataka. The projected benefits in terms of employment, revenue, and technological advancement make this a win-win situation for all stakeholders. We will give full support for this partnership".

Shares of Sansera Engineering Ltd was last trading in BSE at Rs. 1417.25 as compared to the previous close of Rs. 1416.20. The total number of shares traded during the day was 5964 in over 963 trades.

The stock hit an intraday high of Rs. 1438.20 and intraday low of 1381.05. The net turnover during the day was Rs. 8497448.00.

Source : Equity Bulls

Keywords

SanseraEngineering AutoPartsandEquipment INE953O01021 MoU KarnatakaUdyogMitra