Premier has agreed to enter into a 10 year lease agreement with Global Icon Projects LLP, who is a well reputed provider of build-to-suit industrial infrastructure including land, building and utilities to domestic and multinational companies in the Pune region. The Company plans to sign the definitive lease agreement for factory premises and utilities by the end of February 2019.
The Company is implementing effective steps for a progressive and systematic relocation of its plant and machinery, manpower and related infrastructure from its Chinchwad plant to the new location at Chakan, about 20 km away. Preparations for this process have already commenced and actual physical relocation is expected to be done in March 2019. To this extent, the Company has also issued a formal notice to its Workmen with respect to their relocation to the new plant.
Premier is engaged in the manufacture of automobiles and machine tools. The company has manufactured the widest range of commercial vehicles, which includes Premier Padmini -- one of the popular cars in India.