HSIIDC allots 15 acres to OK Play India

OK Play India Ltd has announced that the Company had preferred an application to the Higher Level Plot Allotment Committee for NRI Applicants / FDI Projects / Prestigious Projects in the State of Haryana for the allotment of Industrial land. The Company has further informed that HSIIDC has communicated to the Company that the Committee has decided to allot industrial land measuring 15 acres in Growth Center Bawal, Phase - II, Haryana to the Company. This land has been allotted for shifting and expansion of the Company's existing operations and setting up of an automotive plastic moulded components project.

The Company is in an advanced stage of negotiations for a proposed collaboration agreement with a leading manufacturer of Rotationally Moulded plastic products in the United States of America with whom a Memorandum of Understanding has already been signed.

This venture is proposed to be set up in the above-mentioned Growth Center Bawal Industrial land. The Company plans to manufacture the latest generation automotive and other components with the state of the art technology available with the foreign collaborator and estimates an annual turnover of over Rs 250 crores from this venture as per the project report submitted to the land allotment committee.

The stock was trading at Rs.141, down by Rs.0.55 or 0.39%. The stock hit an intraday high of Rs.145 and low of Rs.137.70. The total traded quantity was 51155 compared to 2 week average of 72935.

Source : Equity Bulls

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