Sandhar Technologies on Wednesday announced that it applied under the Production Linked Incentive (PLI) scheme for automobile and auto components of the Ministry of Heavy Industries, Government of India.
The scheme will enable the company to manufacture and undertake advanced automotive technology products for new electric vehicles and provide more efficient and green automotive manufacturing. The company also said that the PLI scheme will increase employment opportunities in the automotive manufacturing chain.The company said it incorporated a new company on 7 January 2022 under the name "Sandhar Auto Electric Solutions Private Limited" to undertake e-mobility business and to provide Advanced Technology Solutions.
Sandhar Technologies is a diversified auto-component manufacturer. The company caters to multiple automotive segments, including two wheelers, passenger vehicles, commercial vehicles, off-highway vehicles and tractors. It has several manufacturing facilities in India, two in Spain and one each in Poland and Mexico.
The company's consolidated net profit fell 8.5% to Rs 21.21 crore on a 23.9% surge in net sales to Rs 618.34 crore in Q2 FY22 over Q2 FY21.
Shares of Sandhar Technologies were trading 1.52% higher at Rs 259.80 on BSE.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
