PTC Industries signs MoU with Nasmyth, UK

PTC Industries and Nasmyth (UK) have announced that they have signed a Memorandum of Understanding (MoU) for collaboration to leverage their capabilities for offering solutions to defence and aerospace customers in India and globally.

The MOU will see Nasmyth and PTC work together in support of the 'Make in India' Atmanirbhar Bharat programme. This cooperation will help PTC expand its capabilities to better support Indian customer requirements and successfully execute those projects. The partnership will focus on developing casting, machining, assembly, and thermal precision engineering capabilities in India.

The collaboration will help to increase capacity in the market, signal a move towards vertically integrated supply chain solutions in India and in turn provide global solutions to OEMs looking for suppliers to de-risk their current supply chains while providing capacity growth opportunities.

PTC has a state-of-the-art manufacturing campus in Lucknow and is one of the world's leading suppliers of high-precision metal components for critical and super-critical operations across the aerospace and defence industries. PTC is currently participating in various programmes requiring components, sub-assemblies and assemblies for various defence Land, Sea and Air platforms and is also working on a number of major projects for the Indian Government and for a growing number of global OEMs.

Nasmyth Asia's new manufacturing facility in Bangalore, offers turnkey manufacturing and engineering solutions that exceed the highest industry standards offering bespoke machining services including assembly and system integration.

Signing the MOU, Tony Upton, CEO of Nasmyth said: "The Nasmyth Asia team based in our newly equipped facility in Bangalore are looking forward to working with the PTC team, assisting them with our engineering know-how on aerospace and aero-engine components. This MOU is a great opportunity for Nasmyth and PTC to offer new solutions to OEMs through our collaboration in India."

Sachin Agarwal, Managing Director of PTC Industries Limited, added: "We are delighted to expand our collaboration with Nasmyth as we work together across numerous defence and aerospace projects in India and globally, especially for aero-engine and gas turbine engine applications."

Shares of PTC Industries Ltd was last trading in BSE at Rs. 5981.50 as compared to the previous close of Rs. 5983.80. The total number of shares traded during the day was 475 in over 180 trades.

The stock hit an intraday high of Rs. 6099.00 and intraday low of 5902.65. The net turnover during the day was Rs. 2844952.00.

Source : Equity Bulls

Keywords

PTCIndustries INE596F01018 NasmythUK MoU Defence Aerospace