|
PRNewswire
New Delhi [India], February 10: Lalbaba Engineering Limited, Kolkata-headquartered integrated manufacturer of seamless tubes, has signed a Memorandum of Understanding under the Government of India's Production Linked Incentive Scheme 1.2 for Specialty Steel marking its admission into the national programme aimed at strengthening domestic steel manufacturing. The MoU was signed at Vigyan Bhavan during the official signing ceremony organised by the Ministry of Steel, with MECON Limited acting as the Project Management Agency for the Scheme. The approval covers alloy steel and stainless steel long products for the strategic sector. The Scheme is a time-bound, production-linked initiative designed to promote import substitution, enhance domestic value addition, and improve India's global competitiveness in high-grade and steel products. Commenting on the development, Mr. Nikunj Dhanuka, Director, Lalbaba Engineering Limited said: "The signing of the MoU under the PLI Scheme represents an important step in advancing domestic seamless tube manufacturing capabilities built on specialty steel, aligned with national manufacturing priorities." The company's proposed cold finished seamless tubes expansion project at Haldia, West Bengal, will also be eligible for incentives under the Scheme. About Lalbaba Engineering Limited Lalbaba Engineering Limited is an engineering solutions company focused on development & manufacturing of high performance seamless tubes, precision forging & integrated rail systems. The Company operates at the intersection of advanced metallurgy, precision manufacturing, and end-to-end solutions delivery, which enables it to serve critical applications across railways, automotive, energy and industrial infrastructure. Disclaimer Lalbaba Engineering Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus ("DRHP") with the Securities and Exchange Board of India ("SEBI"). The DRHP is available on the website of the Company at https://lalbabagroup.com, the website of SEBI at www.sebi.gov.in as well as on the websites of the book running lead managers, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) at www.iiflcapital.com, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com and Nuvama Wealth Management Limited at www.nuvama.com and the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the BSE Limited at www.bseindia.com, respectively. Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the red herring prospectus which may be filed with the Registrar of Companies, West Bengal at Kolkata, in future, including the section titled "Risk Factors". Potential investors should not rely on the DRHP filed with SEBI in making any investment decision." Photo: https://mma.prnewswire.com/media/2891008/Nikunj_Dhanuka_Lalbaba_Engineering.jpg (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same)
|
