PG Electroplast Ltd (PGEL) shares gained more than 3% in Monday morning trade after the company, through its step-down subsidiary, signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a new greenfield manufacturing facility at Kamargaon in Ahilyanagar. As of 9:17 AM, the shares were trading 1.90% higher at Rs 543.25.
The upcoming project will see a planned investment of around ₹1,000 crore and is expected to generate over 5,000 direct and indirect employment opportunities in the state.
The MoU was signed on Sunday at the Sahyadri State Guest House, Malabar Hill, Mumbai, in the presence of Maharashtra Chief Minister Devendra Fadnavis, Industries Minister Uday Samant, Chief Secretary Rajesh Kumar, and other senior officials including Dr. P. Anbalagan, Kaustubh Dhavse, P. Velrasu, and Deependra Singh Kushwah.
Under the Magnetic Maharashtra initiative, PG Electroplast’s new facility will focus on building state-of-the-art integrated capacities for manufacturing air conditioners, refrigerators, washing machines, and other consumer electronics. The large-scale greenfield plant is aimed at boosting the domestic electronics ecosystem in western India, reducing import dependence, and strengthening the Make in India vision.
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