Sunita Tools Limited has announced the incorporation of its new subsidiary, Sunita Imperial Aerospace Private Limited. The subsidiary was officially incorporated under the Companies Act, 2013, and will serve as a key entity in the company's expansion into the Defence and Aerospace and Defaero Engineering sector.
Immediately following the incorporation, Sunita Imperial Aerospace Private Limited entered into a Business Takeover Agreement with Imperial Auto Crafts, a sole proprietorship represented by Mr. Ramesh Kumar. Imperial Auto Crafts, based in Coimbatore, Tamil Nadu, has an established reputation in the aerospace and engineering industry. The agreement was executed in Mumbai and became effective on September 12, 2024.
This strategic business acquisition aligns with Sunita Tools Limited's long-term growth objectives and strengthens itsfoothold in the Defence and Aerospace sector. The acquired business will continue to operate under the new management of Sunita Imperial Aerospace Private Limited, ensuring continuity and growth.
The new subsidiary has an initial paid-up capital of ?10,00,000, divided into 1,00,000 equity shares of ?10 each. Its main business objective will remain aligned with the existing operations of Imperial Auto Crafts, focusing on precision Defence and Aerospace Precision Machining and Various Machining and Precision Engineering services to the CNC machine Manufacturers in South of India and Oil and Gas Industry.
Commenting on this development, Mr. Sanjay Kumar Pandey, Whole Time Director of Sunita said: "We are thrilled to announce the incorporation of Sunita Imperial Aerospace Private Limited and the successful acquisition of Imperial Auto Crafts. This acquisition is a major leap forward in Sunita Tools Limited's vision to diversify and expand into the aerospace and engineering sectors. Imperial Auto Crafts brings a wealth of experience and credibility in the aerospace field, they have Vast Experience and Exposure of Machining Precision Parts like Missile nose, Missile Base, Fighter jet cockpit frames, and various parts related to Aerospace and defence Industry, and we are confident that this collaboration will help us scale new heights. Our goal is to synergize the strengths of both entities and build a future-ready enterprise that can cater to the growing demands of the Defence aerospace industry."
Shares of Sunita Tools Limited was last trading in BSE at Rs. 675.00 as compared to the previous close of Rs. 680.00. The total number of shares traded during the day was 12000 in over 23 trades.
The stock hit an intraday high of Rs. 685.00 and intraday low of 646.00. The net turnover during the day was Rs. 8017000.00. |
