GMM Pfaudler Ltd (GMMP), a leading supplier of process equipment to the pharmaceutical and chemical industries, announced that it entered into a binding term sheet with De Dietrich Process Systems India Pvt. Ltd. ("DDPSI") for itemized sale of their manufacturing facility at Hyderabad, Telangana.
The state of the art facility equipped to manufacture Glass Lined Equipment is located at Nacharam Industrial Estate, 15 Kms away from Secunderabad, Telangana and spread across an area of 6 acres.
A consideration of Euro 6.25 million will be paid for the proposed transaction subject to completion of the final due diligence and other documentation.
Commenting on the acquisition, Mr. Tarak Patel, Managing Director of GMM Pfaudler said "We are happy to announce this acquisition as it will give us access to ready-made Glass Lined Equipment manufacturing capacity which will further strengthen our presence in the region."
He further added "We are now well poised to take advantage of the expected investment in the upcoming Pharma City in Hyderabad and maintain our market leadership position in India."
Shares of GMM PFAUDLER LTD. was last trading in BSE at Rs.4093.9 as compared to the previous close of Rs. 4094.4. The total number of shares traded during the day was 904 in over 264 trades.
The stock hit an intraday high of Rs. 4290 and intraday low of 4080. The net turnover during the day was Rs. 3717308.