22.8 C
New York

MTAR Technologies board approves the acquisition of shares of Gee Pee Aerospace & Defence Pvt. Ltd



MTAR Tech to buy shares for ₹8.82 crore

The board of directors of MTAR Technologies Ltd has approved the acquisition of shares of Gee Pee Aerospace & Defence Pvt. Ltd., an MSME company, for a consideration of ₹8.82 crore.

In a statement the company said, “The management is currently in discussion with the shareholders of Gee Pee Aerospace & Defence Pvt. Ltd. on the terms and conditions.”

“This acquisition is expected to provide a wide array of benefits under MSME category including the increased potential of entering into offset partnership with global OEMs as foreign partners get an offset credit of up to 1.5 multiple on Indian content. Further, the public procurement policy mandates procurement of up to 20 per cent of requirements of the government departments through MSMEs, which is expected to augment our customer base,” it said.

“In addition, this shall enhance our capacity that enables us to address more orders, thereby expanding our product portfolio.

Commenting on the acquisition, Parvat Srinivas Reddy, Managing Director, MTAR Technologies, said, “The acquisition of Gee Pee Aerospace shall strengthen our capacities in bottleneck areas, which is expected to fuel our revenue growth further specifically in defense and allied sectors.”

Published on May 10, 2022

You May Also Like

Recommended for you

Related articles

Recent articles