PG Electroplast said that its wholly-owned subsidiary PG Technoplast has signed a memorandum of understanding (MoU) with Government of Maharashtra for investing Rs 315 crore in the State.
PG Technoplast is an electronics manufacturing service provider and appliances manufacturer. It has 8 manufacturing locations across India, and provides one-stop solutions for air conditioners, washing machines, LED televisions and air coolers along with various component manufacturing services to 40+ leading Indian and multinational brands.
PG Technoplast will collaborate with the Maharashtra Industrial Development Corporation (MIDC) for creating Maharashtra's largest room AC manufacturing capacities as a part of the Magnetic Maharashtra initiative.
This megaproject will be the nation's most vertically integrated RAC manufacturing facility and will provide a major thrust for the region's electronics system design & manufacturing (ESDM) components' ecosystem.
Vikas Gupta, MD-Operations, PG Group, said: "We are grateful to the Government of Maharashtra for facilitating PG's push to provide its customers turn-key solutions for all home appliances. The move will help bring Room AC Manufacturing to the Western region of the country, which historically has been concentrated in the Northern, and now Southern parts of the country.
PG Electroplast manufactures printed circuit board assemblies, plastic injection mouldings for major consumer durables, specialised AC components, home electricals and kitchen appliances. The company caters to industries such as automotive components, consumer electronics mobile handsets and sanitary ware.
The company's net profit had declined 2.62% to Rs 6.33 crore despite a 45.44% increase in sales to Rs 267.57 crore in Q3 FY22 over Q3 FY21.
The scrip shed 0.51% to currently trade at Rs 722.30 on the BSE.
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