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Pitti Engineering invests Rs 160 crore in new plant
City-based engineering company, Pitti Engineering recently set up manufacturing plant in Aurangabad with an investment of Rs 160 crore.
Hyderabad: City-based engineering company, Pitti Engineering recently set up manufacturing plant in Aurangabad with an investment of Rs 160 crore.
The company plans to invest another Rs 90 crore in the second phase over the next two years. The company has also invested Rs 40 crore in modernising its manufacturing facility at Hyderabad.
The Indian Railways is planning to increase the domestic content in their procurement under make in India policy. The company expects increased business for precision engineered products that find their use in locomotives as well as urban mass transit systems in the coming years as modernisation and localisation of sourcing of such parts increases, said the company.
The firm has bagged orders worth Rs 500 crore from GE India to supply traction motor related products, along with some other products to be used in locomotives for catering to the requirements of Indian Railways, to be supplied over 10 years.
Indian Railways capital expenditure has been growing steadily and touched an all-time high of Rs 1.58 lakh crore this fiscal from Rs 1.33 lakh crore logged last fiscal as per government data.
Commenting on the development, Akshay Pitti, Vice Chairman and MD said that, "There are early signs of companies moving engineering tools sourcing to India from China and the shift is expected to catch pace in the next three years."
