Sunita Tools Limited Announces Incorporation of Sunita Imperial Aerospace Private Limited

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Sunita Tools Limited Incorporates New Aerospace Subsidiary for Business Expansion

Team FS

05/Sep/2024

What's covered in the Article:

Sunita Tools Limited announces the incorporation of its subsidiary, Sunita Imperial Aerospace Private Limited, to enter the aerospace manufacturing sector.

The new entity will focus on precision machined parts, aerospace components, and systems for high-precision industries.

This marks a strategic move by Sunita Tools to expand its presence and capabilities in the growing aerospace and capital goods industries.

On September 4, 2024, Sunita Tools Limited made a significant corporate move by incorporating a new subsidiary, Sunita Imperial Aerospace Private Limited. This development follows the intimation to the BSE Limited under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The incorporation marks an important step in Sunita Tools' strategy to expand its business operations and diversify its industry portfolio.

Sunita Imperial Aerospace is established with an authorized capital of Rs. 10,00,000, although its turnover is not applicable at this stage. The subsidiary will focus on a range of activities, including the takeover of M/s. Imperial Auto Crafts, and will be involved in the manufacturing, designing, and supplying of precision machined parts and aerospace components. The company's operations will cover various aspects of aerospace and capital goods industries, such as engines, airframes, avionics, propulsion systems, and landing gear. The goal is to meet high industry standards and support defense, aviation, space exploration, and other high-precision sectors.

This acquisition will allow Sunita Tools Limited to enhance its business scale and market presence, aligning with its growth objectives. The company owns 59% of the shareholding in Sunita Imperial Aerospace, making it a related party transaction. The acquisition was completed with a cash consideration of Rs. 5,90,000, reflecting the strategic investment in expanding the company's aerospace and precision machining capabilities.

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Sunita Tools Limited Incorporates New Aerospace Subsidiary for Business Expansion

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