1 week ago
Ratnamani subsidiary secures $286 million export orders for spools
Ratnamani Metals & Tubes said its subsidiary received large orders from customers in other countries.
The orders are worth about $286 million, or roughly Rs 2,700 crore.
The subsidiary will supply products called spools and hangers.
The customers were not named.
The work will take about two to three years to complete.
Some products will be made at the subsidiary’s own plant.
Other work will be done by outside contractors.
The company said the deal is not with a related party.
Ratnamani’s shares were slightly higher when the market opened on August 25.
Ratnamani Finow Spooling Solutions secured export orders worth $286 million, or roughly Rs 2,700 crore.
The orders involve supplying spools and hangers to unnamed international customers.
Execution is expected to take two to three years.
Some work will be manufactured in-house, while the rest will be subcontracted and sold through mercantile trade transactions.
Ratnamani Metals & Tubes said the orders do not involve related-party dealings; its shares rose 0.41% at market opening on August 25.
- Who
- Ratnamani Finow Spooling Solutions, a subsidiary of Ratnamani Metals & Tubes, and unnamed international customers.
- What
- The subsidiary secured export orders worth $286 million for spools and hangers.
- Where
- The orders are for international customers, while some manufacturing will take place at the subsidiary’s plant.
- When
- The disclosure was made on Monday; execution is expected over two to three years.
- Why
- To supply spools and hangers under export orders.
Key facts
- Order value
- $286 million, approximately Rs 2,700 crore
- Subsidiary
- Ratnamani Finow Spooling Solutions
- Products
- Spools and hangers
- Customers
- Unnamed international customers
- Execution period
- Two to three years
- Order structure
- Partly manufactured in-house and partly subcontracted
- Related-party transaction
- The company said the orders do not involve related-party dealings
- Share performance
- Shares rose 0.41% at market opening on August 25
Sources
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