Pennar Industries has acquired assets of Wayne-Burt Petro Chemicals, earlier known as Bailey Hydropower, a hydraulics cylinder manufacturing company in Chennai. This acquisition marks the entry of the company into Hydraulics business. The company has acquired production, engineering, product development program and existing customer relations of Wayne Burt.
The production facility in Chennai is able to produce 2,25,000 cylinders per annum; and with a globally trained technical team, strong design and engineering capabilities and an experience of catering to supply chain in North America and India provides a solid foundation for Pennar’s plans.
Currently, the hydraulic equipment market in India is estimated to be approximately Rs 2900 crores and is expected to grow to Rs 4000 crores over the next five years.
Pennar Industries is engaged in the manufacturing of Cold Rolled Steel Strips (CRSS) and value-added products under Cold Rolled Formed Sections (CRFS) like precision tubes, engineered components, road safety systems, parts of railway coaches and Electro Static Precipitators (ESP).
| Company Name | CMP |
|---|---|
| Tata Steel | 210.95 |
| JSW Steel | 1257.25 |
| SAIL | 176.45 |
| Jindal Stainless | 775.60 |
| APL Apollo Tubes | 2022.35 |
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