"We are about a 1000 glass-lined equipment backlog. We have our Hyderabad facility that will come online in the next 5 to 7 days, so we have additional output going from there. We have two new gas furnaces which have already reached our factory and should be started in the next 2 or 3 weeks. So we can timely switch-off our electric furnaces and all our production will come out of the gas furnaces now. Both the chemical and pharmaceutical sectors will continue to grow and we will be happy to ride on the back of those two industry segments," the company said in a call with investors.
Furthermore, the company said that it is willing to co-operate with any agency that may want to look into allegations of unusual positions being taken around the time of the offer for sale. There were reportedly positions taken in the stock lending and borrowing mechanism (SLBM) segment around the time of the announcement.
GMM Pfaudler will acquire 54 per cent of the global business of Pfaudler International under the announced deal. The Patel family, which is part of the promoter group, will acquire another 26 per cent stake. The offer for sale which triggered the slide was part of the restructuring. The Patel family and Pfaudler Inc are part of the promoter group at GMM Pfaudler. CLICK HERE FOR CALL DETAILS
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.