Pennar Industries treads the consolidation path
PENNAR INDUSTRIES LIMITED (PIL) , is one of the leading engineering organisations in India well known for its expertise in providing engineered products and services. It began operations in 1988, with a strategic decision to establish first manufacturing plant at Isnapur, near Hyderabad with an installed capacity of 30,000 MTPA to manufacture Cold Rolled Steel Strips (CRSS). Pennar increased its manufacturing capacity to 50,000 MTPA in 1997. The series of strategic acquisitions and expansion plans, most notably among them being acquisition of Nagarjuna Steel Ltd.; Press Metal, a unit of Tube Investment (TI) near Mumbai and, the more recently, the assets of Wayne Burt Petrochemicals, erstwhile Bailey Hydro, for venturing into Hydraulic Cylinders segment. They have also established a new manufacturing facility at Chennai and have set up an assembly unit at Hosur, near Bangalore to meet the requirements of Auto Components. Currently, the company is engaged in the following segment...