Sunita Tools Ltd forms Wholly Owned Subsidiary, Sunita Defence Inc, in Wyoming, USA

Sunita Tools Limited ("the Company") is pleased to announce that it has Incorporated a Wholly Owned Subsidiary "Sunita Defence Inc" in Wyoming USA.

This subsidiary company has been created with vision to bid, quote and supply of our present and future defence products to various USA entities, and also to look for various opportunities of acquisitions in Defence, Aerospace and Engineering space.

This Subsidiary will be headed by Mr. Abheshek Satish Pandey as President of this Subsidiary. Mr. Abheshek is an Aerospace, Space and Astronautics Engineer from UK and he went further to do his Masters from USA in Management Information Systems / Business Analytics, his qualifications and work experience are a perfect fit to present the company and its products to the Major USA companies who are in huge need of our present products and also he will be in a great position to identify good companies for acquisitions in field of Aerospace and Defence, his renumeration starts only on start of revenue in the subsidiary.

Commenting on this development, Mr. Sanjay Pandey, Chairman & Whole Time Director of Sunita Tools Limited said: "We are pleased to announce that we have incorporated a Wholly Owned Subsidiary Company in USA to bid, quote and supply the much in demand and much enquired from USA 155mm M107 shells and various other defence products we can do in the future. Also, this subsidiary will look for opportunities in acquiring aerospace, defence and engineering companies which falls in line and vision of Sunita Tools becoming an international defence products manufacturing company. With Abheshek we have a highly qualified and able leader to head the operations of that subsidiary and we are sure with our vision and his talent and hard work we will be able to succeed in the USA and North American Markets too".

Shares of Sunita Tools Limited was last trading in BSE at Rs. 1048.25 as compared to the previous close of Rs. 1075.20. The total number of shares traded during the day was 47375 in over 310 trades.

The stock hit an intraday high of Rs. 1123.85 and intraday low of 1021.50. The net turnover during the day was Rs. 51019356.00.

Source : Equity Bulls

Keywords

SunitaTools INE0Q1S01010 IndustrialProducts Subsidiary SunitaDefence USA