New Delhi, Nov 27 (PTI) Tractor component maker Pritika Group on Wednesday announced start of commercial production for supply order from a leading multinational tractor manufacturer in India after successful trials at customer end.
These components include Hydraulic Lift Housing and Axle Housing, a company statement said.
The company stated that the total business value of these component (supply order) will be approximately Rs 18 crore per annum.
At the same time, these orders have a long-term visibility spanning over next four to five years, it added.
Pritika Engineering Components Ltd, a subsidiary of Pritika Auto Industries Ltd with a 70.81 per cent stake, spearheaded the production of these critical components.
Both parent and subsidiary companies have recently received reaffirmed stable credit ratings from CARE Ratings Ltd.
Pritika Auto Industries has strategically utilized funds raised through a preferential equity share issue to expand its manufacturing capabilities.
Additionally, the company has announced plans to issue right shares worth up to Rs 49.90 crore to further boost expansion initiatives and reduce debt.
Pritika Engineering Components has also embarked on a similar path, issuing right shares to fund its expansion into railway component manufacturing and strengthen its core business while concurrently focusing on debt reduction.
The company's extensive network and pan-India presence have enabled it to forge partnerships with major OEMs, including Escorts Kubota, Tractor & Farm Equipment, Mahindra & Mahindra, Ashok Leyland, Mahindra Swaraj, Swaraj Engines, Tafe Motors & Tractors (Eicher Tractors), Brakes India, SML ISUZU, Knott – Vortex Pvt Ltd, CNH Industrial (India) Pvt Ltd (New Holland Tractors), International Tractors (Sonalika).