Pitti Engineering (PEL) has signed an agreement with Dakshin Foundry (DFPL) and its shareholders to acquire 100% of the equity share capital of DFPL at an Equity Value of Rs 153.12 crore. DFPL has a positive cash and bank balance of Rs 42.71 crore and Nil debt as on June 20 2024. The company proposes to complete the acquisition within 15 days of signing the definitive agreement.
DFPL is engaged in the manufacture of high-quality casting in ductile iron, grey iron, low carbon, alloy steel grades and simo iron castings along with value added services like pattern making. DFPL has two manufacturing facilities located in Hosakote, Bangalore. DFPL has an installed capacity of 4200 Tonnes Per Annum.
Pitti Engineering is India's largest and most reputed manufacturer of Electrical Steel Laminations, Motor Cores, Sub-Assemblies, Die-Cast Rotors and Press Tools.
